• GBP/NZD initially gained on UK GDP data but reversed course as political uncertainty in UK and stronger Kiwi dollar weighed on pound .
• Kiwi dollar rose after RBNZ hiked its cash rate for the sixth consecutive time and signalled it remained comfortable with its planned aggressive tightening path.
• At GMT 16:37, the pair was trading up 0.05 percent at 1.9382 after reaching daily high at 1.9480.
•Technical are bearish, daily RSI is negative at 49, daily momentum studies 11and 14 DMAs are trending down.
• Immediate resistance is located at 1.9419 (5DMA), any close above will push the pair towards 1.9543(50%fib).
• Immediate support is seen at 1.9320(38.2%fib ) and break below could take the pair towards 1.9282 (Lower BB).
Recommendation: Good to sell around 1.9380, with stop loss of 1.9500 and target price of 1.9300.
