• GBP/NZD dipped on Wednesday as sterling attracted sellers as investors rolled back on expectations of a rate hike by the Bank of England after a string of weak data.
• At GMT 18:50, the pair was trading down 0.15% percent at 1.9452 after reaching daily low at 1.9329.
• Bears are likely to tighten their grip ,the overall scope is for eventual drop towards 1,9300.
• Immediate resistance is located at 1.9500(50%fib), any close above will push the pair towards 1.9597 (61.8%fib)
• Immediate support is seen at 1.9402 (38.2%fib ) and break below could take the pair towards 1.9275 (23.6%fib).
Recommendation: Good to sell around 1.9460, with stop loss of 1.9600 and target price of 1.9400.
