• GBP/NZD dipped on Wednesday as weaker sterling and rally in equities and commodities boosted New Zealand dollar.
• GBP/NZD drifted back into negative territory on Wednesday. 1.9309 is low so far is and it is hovering just above 38.2%fib into the US afternoon.
• A daily close below 38.2%fib will accelerate downtrend towards 1.9182 (23.66%fib).
• Technical signals favours bearish sentiment, RSI is has turned sharply lower and pair trades below 5,9 & 11-DMAs.
• Resistance is located at 1.9360( 5DMA) and at 1.9418(50%fib).
• Support is found at 1.9305 ( 38.2%fib) and at 1.9227 (Lower BB).
Recommendation: Good to sell around 1.9330, with stop loss of 1.9410 and target price of 1.9220
