FxWirePro:GBP/NZD drops to intra-day low after shying away from 1.9190

• GBP/NZD dipped on Wednesday as investors remained short as market awaited news on UK finance ministers spending  review.

• At GMT 14:30, the pair was trading down 0.28 percent  at 1.9078 after reaching daily low at 1.9125.

• GBP/NZD is likely to correct to the downside, melting below 23.6%fib support at 1.9052 and then  the lower BB at 1.8983. 

• Technicals are favouring bearish sentiment as RSI is at 38  and the pair is trading below   11 & 21-DMAs. 

• Immediate resistance is located at 1.9205 (Daily high), any close above will push the pair towards 1.9281 (38.2%fib).

• Immediate support is seen at 1.9052 (23.6%fib ) and break below could take the pair towards 1.8983 (Lower BB).

Recommendation: Good to sell  around 1.9100, with stop loss of 1.9300 and target price of 1.8980.