• GBP/NZD recovered some ground from initial decline on Friday as investors focused on the new catalyst for sterling .
• GBP/NZD recovers towards 1.8950 after hitting daily low at 1.8906.
• Bulls will need a clear 1.9101 ( 50% fib)to take greater control, failure to break higher will spur fresh downward momentum.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 45.
• Immediate resistance is located at 1.9001 (38.2% fib), any close above will push the pair towards 1.9073( 30DMA).
• Immediate support is seen at 1.8875 (23.6%fib) and break below could take the pair towards 1.8852(Lower BB).
Recommendation: Good to sell around 1.8970, with stop loss of 1.9100 and target price of 1.8900.
