• GBP/NZD recovered ground on Thursday as recovery rally from 1.9328 was aided by hawkish BoE comments.
• GBP/NZD bulls must regain the above 5DMA to stem the bearish tide and a rise above the daily cloud top at 1.9603 (50%fib) to regain momentum.
• Technical signals are bearish - RSI is at 48, moving averages are trending down.
• Immediate resistance is located at 1.9482 ( 38.2%fib), any close above will push the pair towards 1.9550( 5DMA).
• Immediate support is seen at 1.9340 (23.6%fib) and break below could take the pair towards 1.9300(100DMA).
Recommendation: Good to sell around 1.9500, with stop loss of 1.9600 and target price of 1.9410.
