• GBP/NZD declined on Thursday as higher commodity prices and risk on sentiment boosted kiwi dollar.
•Oil rose higher after U.S. crude inventories fell more than expected amid high demand for fuel and OPEC+ agreed to boost crude output to compensate for a drop in Russian production.
• GBP/NZD drops below the 5-DMA , slide halts at the 1.9147 (38.2%fib),break below will accelerate towards 1.1900 level.
• Immediate resistance is located at 1.9240 ( 5DMA), any close above will push the pair towards 1.9277 (38.2%fib).
• Strong support is seen at 1.9147 (38.2%fib) and break below could take the pair towards 1.9092 (Lower BB).
Recommendation: Good to sell around 1.9180, with stop loss of 1.9280 and target price of 1.9100
