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FxWirePro: GBP/NZD extends drop, faces 23.6%fib support

• 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.

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