• GBP/NZD recovered some ground from initial decline on Wednesday as investors awaited release of minutes from the Federal Reserve's last meeting.
• GBP/NZD recovers towards above 1.8900 and holds near the day's high in US session.
• Bulls will need a clear 1.9060 ( 50% fib)to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals are bearish as RSI is at34, moving averages are trending lower.
• Immediate resistance is located at 1.8912( 38.2%fib), any close above will push the pair towards 1.9021( 21DMA).
• Immediate support is seen at 1.8733(23.6%fib) and break below could take the pair towards 1.8656 (Lower BB).
Recommendation: Good to sell around 1.8910, with stop loss of 1.9060 and target price of 1.8860.
