• GBP/NZD retreating from daily high of 1.9451 on Wednesday, as traders shifted focus from U.S. midterm elections to Thursday's U.S. CPI data.
• Beyond the U.S. CPI data Thursday, traders will be focusing on UK finance minister Jeremy Hunt's autumn statement.
• A close below 1.9258 (38.2 % fib), would add the pairs bearish structure, opening the way for a test 1.9027(23.6 % fib).
• Technical signals show the pair could lose more ground in the short-term as RSI is at 43 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9453 (50 % fib),any close above will push the pair towards 1.9488 (9DMA ).
• Immediate support is seen at 1.9258 (38.2 % fib) and break below could take the pair towards 1.9135(Nov 4th low)
Recommendation: Good to sell below 1.9350, with stop loss of 1.9500 and target price of 1.9200
