• GBP/NZD dipped on Wednesday as New Zealand dollar strengthened as market priced in rate hike by RBNZ next month .
•Markets fully price in a quarter-point rate hike from the Reserve Bank of New Zealand at its October policy meeting, and another 25 basis points in November.
• At GMT 22:27, the pair was trading at 1.9392 after reaching daily low at 1.9363.
• Technicals are favouring bearish sentiment as RSI is at 35 and the pair is trading below 11 & 21-DMAs.
• Immediate resistance is located at 1.9408 (50% fib), any close above will push the pair towards 1.9441(9 DMA)
• Support is seen at 1.9363 (Daily low ) and break below could take the pair towards 1.9339 (23.6% fib).
Recommendation: Good to sell around 1.9400, with stop loss of 1.9480 and target price of 1.9300.
