• GBP/NZD declined on Friday as gains in commodities prices , equities buoyed risk sensitive kiwi dollar against pound.
• The pair was last down 0.37% at 1.9112.Lowest since December 1st 2022.
• The pair is now on course to register a close below the 1.9098(23.6% fib ) level, chart points to bigger drop towards 1.9000 level.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 39.
• Immediate resistance is located at 1.9211 (9 DMA), any close above will push the pair towards 1.9341 ( 50 % fib).
• Immediate support is seen at 1.9098(23.6% fib ) and break below could take the pair towards 1.9029 (Lower BB).
Recommendation: Good to sell around 1.9120, with stop loss of 1.9200 and target price of 1.9060.
