FxWirePro : GBP/NZD reverses recent rally as bullish signals weaken

• GBP/NZD dipped on Friday as sterling was   pressured in the wake of dovish comments from the Bank of England’s governor.

• Bailey’s comments knocked the pair to its lowest since June 29th, drop has brought some key technical levels into view.

Technical signals are bearish as RSI is at 49, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.9705(50%fib), any close above will push the pair towards 1.9788 (38.2%fib).

• Immediate support is seen at 1.9616(61.8%fib ) and break below could take the pair towards 1.9577(Lower BB).

Recommendation: Good to sell  around 1.9700 with stop loss of 1.9790 and target price of 1.9610