• GBP/NZD initially rose on Thursday but retreated back towards 1.9240 as the cross pair failed to break resistance at 1.9310
• Despite today's gains from its lows, GBP/NZD bears remain in control, eyes further drop
• Technical are bearish, daily RSI is negitive at 44, daily momentum studies 9,11 and 14DMAs are trending down.
• Immediate resistance is located at 1.9310 (38.2%fib ), any close above will push the pair towards 1.9391 (20DMA).
• Strong support is seen at 1.9172 (23.6%fib) and break below could take the pair towards 1.9096 (Lower BB).
Recommendation: Good to sell around 1.9250, with stop loss of 1.9380 and target price of 1.9160.
