FxWirePro: GBP/NZD rallies above 1.9000 but reversal is likely

• GBP/NZD   recovered ground on Monday as investors awaited outcome of EU-UK trade talks.

• GBP/NZD   climbs above 1.9000 and holds near the day's high late US session. The pairs rebound has topped at 1.9040 (5DMA).

• Bulls will need a clear 1.9187 ( 38.2% fib) to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals are mixed as RSI has turned higher sharply higher, moving averages are trending down. 

• Immediate resistance is located at 1.9040 ( 5 DMA), any close above will push the pair towards 1.9182 ( 38.2% fib).

• Immediate support is seen at 1.8922 (23.6%fib) and break below could take the pair towards 1.8900 (Psychological level).

 Recommendation: Good to sell around 1.9080, with stop loss of 1.9200 and target price of 1.8980.