FxWirePro:GBP/NZD drifts lower, could be on verge of a bigger drop

• GBP/NZD declined on Tuesday as profit taking hinder the pair’s upside progress.

• The pair surrendered a chunk  of recent rally  on expectations that the BoE might follow the U.S. central bank's hawkish lead.

• Selling pressure will remain in the short-term, only a significant move above 1.9948 strong resistance  will shift the bias higher.

 • Technicals are bearish  as moving averages 5 and 9 DMA’s are pointing southwards, while the RSI  is turning lower.

• Immediate resistance is located at 1.9857( 38.2%fib), any close above will push the pair towards 1.9948 ( 23.6%fib).

• Strong support is seen at 1.9815 (9DMA ) and break below could take the pair towards 1.9783 (50%fib).

Recommendation: Good to sell around 1.9850, with stop loss of 1.9900 and target price of 1.9760.