FxWirePro: GBP/NZD neutral in the near-term, scope for downward resumption

• GBP/NZD initially gained on Thursday but gave up ground after UK government unveiled its latest budget update.

•UK finance minister Jeremy Hunt announced tax increases and tighter public spending in an effort to restore the country's economic reputation and cool inflation.

•The pair inability to hold gains above 1.9469, 38.2% fib, may increases the likelihood of a drop towards1.9210 level.

• Technical signals are bearish as RSI is at 44, daily momentum studies  9, 11 & 21 DMAs track south.

• Immediate resistance is located at 1.9469(38.2% fib), any close above will push the pair towards 1.9529(21DMA).

• Strong support is seen at 1.9279(9th Nov low) and break below could take the pair towards 1.9189(23.6% fib).

Recommendation: Good to sell  around 1.9370, with stop loss of 1.9590 and target price of 1.9210