• GBP/NZD declined on Wednesday as retained their bearish views on the cross currency pair.
• GBP/NZD dived below the 50% fib and trades down to a low at 1.9069 low. A break below 1.9003 might spur fresh downward momentum.
• At GMT 16:04, the pair was trading 0.69% lower at 1.9088 after hitting daily high at 1.9318.
• Technical signals are bearish as RSI is at 47, daily momentum studies 5, 10 & 21 DMAs track south.
• On the upside, Immediate resistance is located at 1.9153 ( 50%fib), any close above will push the pair towards 1.9200 (Psychological level).
• On the downside, strong support is seen at 1.9003 (38.2%fib) and break below could take the pair towards 1.8907 (Feb 3rd low).
Recommendation: Good to sell around 1.9105, with stop loss of 1.9200 and target price of 1.9000.
