• GBP/NZD declined on Tuesday as New Zealand dollar advance against pound as commodities prices recovered.
•Iron ore futures rose for a second consecutive session to a one-week high on Tuesday. Gold rose 0.69% amid concerns about the war in Ukraine escalating.
•Copper was up 0.49% as the dollar eased and after Peru output edged down in September.
• Technicals are favouring bearish sentiment as RSI is at 44 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 2.1491(50% fib), any close above will push the pair towards 2.1548 (SMA 9)
• Strong support is seen at 2.1387(38.2% fib)and break below could take the pair towards 2.1313(Oct 8th low).
Recommendation: Good to sell around 2.1470, with stop loss of 2.1560 and target price of 2.1370
