• GBP/NZD declined on Thursday as New Zealand dollar broadly firmed supported by higher commodity prices.
• GBP/NZD drops below the 5-DMA in European session, slide halts near the 1.9182(23.6%fib).
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 41.
• Immediate resistance is located at 1.9478 ( 38.2%fib), any close above will push the pair towards 1.9518 (5DMA).
• Strong support is seen at 1.9408 (23.6%fib) and break below could take the pair towards 1.9365 (Lower BB).
Recommendation: Good to sell below 1.9440, with stop loss of 1.9580 and target price of 1.9360
