FxWirePro : GBP/NZD threatens 38.2% fib after fall below 2.1200 handle

• GBP/NZD dipped on Wednesday as sterling retraced some of its earlier gains against the kiwi dollar.

• The pound slipped 0.37% to 2.1127, having climbed to its strongest level since August 26th high  at 2.1269 on Tuesday.

• Technicals are favouring bearish sentiment as RSI is at 44 and the pair is trading below   5,10 & 11-DMAs.

• Immediate resistance is located at 2.1269(38.2% fib), any close above will push the pair towards 2.1344 (50%fib)

• Strong support is seen at 2.1119(38.2% fib)and break below could take the pair towards 2.1000 (Psychological level).

Recommendation: Good to sell  around 2.1240, with stop loss of 2.1300 and target price of  2.1160