FxWirePro:GBP/NZD extends drop, faces 38.2%fib support

• GBP/NZD declined on Friday as commodity-linked currencies like kiwi got a boost from a hawkish tilt by the Bank of Canada. 

• The BoC signalled it could start hiking interest rates in late-2022, providing a lift to  commodity currencies such as the Aussie and the kiwi dollars.

• Selling pressure will remain in the short-term, only a move above 2.0140 ( 61.8 % 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 1.9378 (50%fib), any close above will push the pair towards 1.9490 (61.8%fib).

• Immediate support is seen at 1.9273 (38.2%fib) and break below could take the pair towards 1.9185 (Lower BB).

Recommendation: Good to sell round 1.9300, with stop loss of 1.9390 and target price of 1.9200