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FxWirePro:GBP/ NZD downside pressure builds, key support levels in focus

• GBP/AUD declined  on Friday as stronger Australian dollar and recession fears deepening in UK weighed on the pair .

• The is pair heading towards the 38.2%fib, as near term direction of the pair is likely to be driven by current price action.  

• Technical signals are bearish as RSI is heading down at 47   , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.8065 (50%fib ), any close above will push the pair towards 1.8095 (11DMA).

• Strong support is seen at 1.7928(38.2%fib) and break below could take the pair towards 1.7837(Lower BB).

Recommendation: Good to sell on  around 1.7945 with stop loss of  1.8065 and target price of 1.7880

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