FxWirePro:GBP/NZD extends drop, faces 23.6%fib support

• GBP/NZD declined on Thursday after the Bank of England raised interest rates as expected, but softened its language on the need for further increases. 

• The Ukraine war and spike in commodity prices has made the BoE's job harder as it confronts an inflation rate already running at more than double its 2% target.

• Selling pressure will remain in the short-term, only a move above 1.9348 ( 50 % fib) strong resistance  will shift the bias higher.

• Technical signals show the pair could lose more ground as RSI is at 43 bearish, and 9, 11,21 DMA’s are trending south. 

• Immediate resistance is located at 1.9201 (38.2%fib), any close above will push the pair towards 1.9238 (5DMA).

• Immediate support is seen at 1.9073 (Daily low) and break below could take the pair towards 1.9018(23.6%fib).

Recommendation: Good to sell round 1.9100, with stop loss of 1.9340 and target price of 1.9000