• GBP/NZD declined on Thursday as pound continues to weaken as talks on post-Brexit relations remain at an impasse.
• Underlying trend for the pair remains bearish. A break below 1.9268 (23.6% fib)might spur increased downward momentum.
• At GMT 16:07, the pair was trading 0.96% lower at 1.9262, lowest since 28th July.
• Technically 5 day and 11-day momentum remains negative and RSI is strongly bearish at 29.
• On the upside, Immediate resistance is located at 1.9358 ( 38.2% fib), any close above will push the pair towards 1.9477 (50%fib).
• On the downside, immediate support is seen at 1.9268 (Daily low) and break below could take the pair towards 1.9268 (23.6%fib).
Recommendation: Good to sell around 1.9260, with stop loss of 1.9450 and target price of 1.9160.
