• GBP/NZD dipped on Thursday as surging commodity prices and improved risk sentiment supported New Zealand dollar.
• Investors are turning their attention to next week’s UK CPI inflation figures. Anticipation is high for this crucial economic data.
• Technical signals are bearish as RSI is at 38, daily momentum studies 11,14 and 21 DMAs are trending down.
• Immediate resistance is located at 2.0854(38.2%fib), any close above will push the pair towards 2.1008. (50%fib).
• Strong support is seen at 2.0665 (23.6%fib) and break below could take the pair towards 2.0593(Lower BB).
Recommendation: Good to sell on rallies around 1.9240, with stop loss of 1.9330 and target price of 1.9170.
