FxWirePro:GBP/NZD closes below 5-day moving average favouring weakness

• GBP/NZD declined on Wednesday   as New Zealand dollar broadly firmed supported by higher commodity prices. 

• GBP/NZD drops below the 5-DMA in Asian session, slide halts at the 1.9182(23.6%fib),now eyes the lower bollinger bands at 1.9111.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 38.

• Immediate resistance is located at 1.9218 ( 5DMA), any close above will push the pair towards 1.9309 (38.2%fib).

• Strong support is seen at 1.9179 (23.6%fib) and break below could take the pair towards 1.9153(Lower BB).

 Recommendation: Good to sell below 1.9200, with stop loss of 1.9300 and target price of 1.9100