• GBP/NZD declined on Tuesday as higher commodity prices and gains in equity market added to investors desire for riskier assets.
• The Russia-Ukraine war has led to a rally in commodity prices, including oil and metals, amid concerns of supply disruptions.
• Selling pressure will remain in the short-term, only a move above 1.9344 ( 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 1.9075 (5DMA), any close above will push the pair towards 1.9198 (38.2%fib).
• Immediate support is seen at 1.9023 (23.6%fib ) and break below could take the pair towards 1.8913 ( 2nd Nov 2020 low).
Recommendation: Good to sell round 1.9090 , with stop loss of 1.9190 and target price of 1.8930
