FxWirePro : GBP/NZD drops below 1.9200 level, as downbeat UK GDP data hits pound

• GBP/NZD dipped on Thursday  as downbeat UK GDP data  weighed on sterling.

• Britain’s economy grew by a slower than expected   in September from August, as it struggled to recover from the shock of the pandemic.

• At GMT 16:45, the pair was trading down 0.45 percent  at 1.9123 after reaching daily low at 1.9094.

• Technicals are favouring bearish sentiment as RSI is at 37 and the pair is trading below   11 & 21-DMAs. 

• Immediate resistance is located at 1.9228 (Daily high), any close above will push the pair towards 1.9283 (38.2%fib).

• Support is seen at 1.9090 (Lower BB ) and break below could take the pair towards 1.9048 (23.6%  fib).

Recommendation: Good to sell  around 1.9120, with stop loss of 1.9300 and target price of 1.9050.