• GBP/NZD recovered some ground on Tuesday as optimism over Brexit talks and a COVID-19 vaccine added new fuel to its gains.
• The pair rallied above 1.9400 level, lift stops after finding resistance at 1.9498 (50%fib ).
• GBP/NZD remains vulnerable, only a break and daily close above 1.9644 (61.8% fib) will shift bias to the upside.
• Technical are bearish, daily RSI is negative at 30, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9498 (50%fib ), any close above will push the pair towards 1.9644 (61.8% fib).
• Strong support is seen at 1.9360 (38.2%fib) and break below could take the pair towards 1.9171 (23.6% fib)
Recommendation: Good to sell on around 1.9440, with stop loss of 1.9650 and target price of 1.9300
