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FxWirePro:GBP/ NZD drops below 1.9200 level, heads deeper into bear territory

• GBP/NZD declined  on Wednesday   as higher commodities prices and improved risk appetite drove capital flows to kiwi dollar.

• 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 39  , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.9285 (5DMA ), any close above will push the pair towards 1.9333 (50%fib).

• Strong support is seen at 1.9094(38.2%fib) and break below could take the pair towards 1.8937 (Sep 29th low).

Recommendation: Good to sell on  around 1.9140, with stop loss of 1.9210 and target price of 1.9060

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