FxWirePro:GBP/NZD capped by the 38.2% fibonacci, good to sell on rally

• GBP/NZD dipped on Monday as upbeat risk sentiment and higher commodity prices drove the pair lower.

• At GMT 21:54, the pair was trading down 0.02 percent  at 1.9180 after reaching daily low at 1.9884.

• Technicals are mixed as RSI is trending higher at 54 and the pair is trading below   5-DMA . 

• Immediate resistance is located at 1.9936 (38.2% fib), any close above will push the pair towards 1.9980 (17th Aug high)

• Immediate support is seen at 1.9877 (50%fib ) and break below could take the pair towards 1.9842 (9DMA).

Recommendation: Good to sell  around 1.9920, with stop loss of 1.9980 and target price of 1.9860.