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

• GBP/NZD declined on Wednesday as kiwi dollar strengthened on expectations RBNZ will lift interest rates on Oct 6.

•The pair is approaching 23.6% fib retracement at 1.9443, a daily close below which will accelerate downside towards 1.9400 level.

 • Technicals are mixed as moving averages are pointing upwards, while the RSI  is turning lower.

• Immediate resistance is located at 1.9533 ( 38.2%fib), any close above will push the pair towards 1.9600 ( 50%fib).

• Strong support is seen at 1.9443(23.6% fib ) and break below could take the pair towards 1.9396 (Lower BB).

Recommendation: Good to sell around 1.9470, with stop loss of 1.9540 and target price of 1.9400.