• GBP/NZD declined on Thursday as kiwi dollar maintained its bid tone against pound following RBNZ rate decision.
• The Reserve Bank of New Zealand (RBNZ) reaffirmed its stance of maintaining interest rates at elevated levels for an extended duration.
•The pair is approaching 38.2% retracement at 1.9517, a daily close below which will accelerate downside towards 1.9443 (5DMA).
• Technicals are bearish as moving averages are pointing upwards, while the RSI is lower at 37.
• Immediate resistance is located at 2.0549 ( 38.2%fib), any close above will push the pair towards 2.0607( 5DMA).
• Strong support is seen at 2.0453(23.6%fib).and break below could take the pair towards 2.0409(Oct 6th low).
Recommendation: Good to sell around 2.0530, with stop loss of 2.0600 and target price of 2.0450
