FxWirePro: GBP/NZD holds major trendline support at 1.8930, weakness only on break below

• GBP/NZD holds major trendline support at 1.8930. Break below required for further weakness.
   
• Price action is below daily cloud and technical studies are bearish. 
   
• Further, we evidence bearish RSI divergence from price action which adds to bearish bias.
   
• Break below 1.8930 raises scope for test of 200-DMA at 1.8554. Violation at 200-DMA could see further weakness.
   
• On the flipside, 20-DMA is strong resistance at 1.9048. Breakout above daily cloud invalidates bearish bias. 

Support levels - 1.8930 (trendline support), 1.8785 (Nov 9 low), 1.8614 (Jan 12 low), 1.8548 (200-DMA)

Resistance levels - 1.9024 (5-DMA), 1.9048 (20-DMA), 1.9141 (cloud base)

Recommendation: Good to go short on break below 1.8930, SL: 1.9050, TP: 1.8785/ 1.87/ 1.8615/ 1.8550.

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