FxWirePro: GBP /NZD key support held, downside risk remains

• GBP/NZD declined for the second day on Thursday as traders continued to bet on shorts. 

• The pair is testing at support 1.8960 (38.2%fib). A close below will opens up 1.8850 level.

• Technical signals lean bearish as RSI is at 43, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.9116( 50% fib), any close above will push the pair towards 1.9170 (11 DMA).

• Strong support is seen at 1.8960 (38.2%fib) and break below could take the pair towards 1.8852 (lower BB).

Recommendation: Good to sell around 1.9020  with stop loss of 1.9116  and target price of  1.8950