• GBP/NZD recovered some ground from initial decline on Wednesday's as sterling was bolstered by the UK September Manufacturing PMI.
• GBP/NZD after falling below 1.9500, the encounter support at 1.3663 and recovered slightly towards 1.9506.
• Bulls will need a clear 1.9599 ( 50%fib)to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals are bearish as RSI is trending lower at 49, moving averages are .
• Immediate resistance is located at 1.9599 ( 50%fib), any close above will push the pair towards 1.9633( 50DMA).
• Immediate support is seen at 1.9482 (38.2%fib) and break below could take the pair towards 1.9445(200DMA).
Recommendation: Good to sell around 1.9510, with stop loss of 1.9600 and target price of 1.9430.
