• GBP/NZD declined on Wednesday as gains in key commodity prices supported New Zealand dollar broadly.
• Investors awaited New Zealand inflation print, a stronger-than-expected reading would boost investor expectations of the RBNZ becoming more aggressive
• At GMT 22:25 , the pair was trading 0.02% lower at 1.9188. The cross pairs bearish bias is set to strengthen, likely to drop towards 1.9000
• Technical signals are bearish as RSI is at 49, daily momentum studies 5,9,11 DMA’s, are trending down.
• Immediate resistance is located at 1.9260 (38.2%fib ), any close above will push the pair towards 1.9386 (higher BB).
• Strong support is seen at 1.9104 (14DMA) and break below could take the pair towards 1.8970 (23.6%fib).
Recommendation: Good to sell around 1.9200 with stop loss of 1.9350 and target price of 1.9080.
