• 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.