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FxWirePro: GBP/NZD neutral in the near term, scope for downward resumption
• GBP/NZD declined sharply on Monday as demand for risk sensitive kiwi dollar increased after rise in commodity prices
•The pair extended its drop to hit daily low at 1.9183, it was last down 0.01% late in US sesssion.
•Technical signals show the pair could lose more ground in the short-term as RSI is at 35 bearish, daily momentum studies 9, 10 and 11 DMAs are trending down.
• Immediate resistance is located at 1.9288 (50%fib), any close above will push the pair towards 1.9311 (10DMA).
•Strong support is seen at 1.9154 (23.6%fib) and break below could take the pair towards 1.9123 (Lower BB).
Recommendation: Good to sell around 1.9230 with stop loss of 1.9330 and target price of 1.9160.