• GBP/NZD staged a sharp recovery on Friday as risk sentiment soured and investors booked profits on New Zealand dollars rally into the weekend.
•The pair hit daily high at 1.9383 and was last trading at 1.9360 up 0.76% at (GMT 17:33).
•Bulls will need a clear 1.9437 (9DMA) to take greater control, failure to break higher could lead to further downside.
• Technical signals lean bearish as RSI is at 45, and moving averages are trending down.
• Immediate resistance is located at 1.9403 ( 50% fib), any close above will push the pair towards 1.9437 (9DMA).
• Immediate support is seen at 1.9300 (38.2% fib) and break below could take the pair towards 1.9247 (Ichimoku Cloud Top).
Recommendation: Good to sell around 1.9380 with stop loss of 1.9450 and target price of 1.9320
