• GBP/NZD declined on Thursday as concerns about the outlook for the UK economy and political uncertainty in UK continued to weigh on pound.
• A surprise expansion in Britain's economy failed to ease concerns about the weakening economic outlook amid rising inflation driven by soaring energy prices.
• At GMT 18:22, the pair was trading 0.46% lower at 1.9296 in afternoon US session.
• Technical signals are bearish as RSI is at 42, daily momentum studies 5 DMA, 9 EMA are trending down.
• Immediate resistance is located at 1.9368 ( Ichimoku Cloud Top), any close above will push the pair towards 1.9423 (21DMA).
• Strong support is seen at 1.9291 (38.2%fib) and break below could take the pair towards 1.9192 (Ichimoku Cloud Base).
Recommendation: Good to sell around 1.9300, with stop loss of 1.9480 and target price of 1.9220
