• GBP/NZD declined on Wednesday as higher commodity prices supported New Zealand dollar broadly.
• Oil prices surged above $121 a barrel on Wednesday as the halt in Russian and Kazakh pipeline (CPC) crude oil exports fueled concerns over tight international supplies.
• At GMT 17:09, the pair was trading 0.42% lower at 1.8953. The cross pairs bearish bias is set to strengthen, likely to drop towards 1.8820
• Technical signals are bearish as RSI is at 29, daily momentum studies 5,9,11 DMA’s, are trending down.
• Immediate resistance is located at 1.9015 (38.2%fib ), any close above will push the pair towards 1.9056 (5DMA).
• Strong support is seen at 1.8940 (Daily low) and break below could take the pair towards 1.8835 (23.6%fib).
Recommendation: Good to sell around 1.8990 with stop loss of 1.9100 and target price of 1.8870
