• GBP/NZD was little changed on Tuesday as investors awaited fresh impetus for direction.
• Traders kept an eye on U.S. midterm elections, whose outcome may usher in an era of divided government in Washington.
• GBP/NZD bears maintain control below the 50% fib resistance, while bulls need to clear 1.9660(38.2% fib resistance) to regain upward momentum.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 43 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9399(50% fib),any close above will push the pair towards 1.9499 (9DMA ).
• Immediate support is seen at 1.92879(Daily low) and break below could take the pair towards 1.9129 (61.8% fib).
Recommendation: Good to sell below 1.9380, with stop loss of 1.9500 and target price of 1.9300
