• GBP/NZD declined on Tuesday as higher oil prices and risk appetite in global market supported kiwi dollar .
•The pair reaches 1.9724 after extending south from 1.9938 (early Asia high). 1.9720 is the lowest level since 17th August.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 46 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9777(38.2%fib),any close above will push the pair towards 1.9847 (23.6 % fib ).
• Immediate support is seen at 1.9717(50% fib) and break below could take the pair towards 1.9658 (61.8 % fib).
Recommendation: Good to sell below 1.9750, with stop loss of 1.9900 and target price of 1.9650
