• GBP/NZD declined on Wednesday as the pair was dragged down growing worries about a recession.
•The pair reaches 1.9133 after extending south from 1.9246 (Daily high). 1.9133 is the lowest level since 5th Dec.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 32 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9873 (9 DMA),any close above will push the pair towards 1.9949 (38.2 % fib ).
• Immediate support is seen at 1.9133 (23.6% fib) and break below could take the pair towards 1.9070 (Lower BB ).
Recommendation: Good to sell below 1.9190, with stop loss of 1.9260 and target price of 1.9120
