• GBP/NZD declined on Wednesday as kiwi dollar rose after RBNZ announced to halt its pandemic-induced quantitative easing programme.
• The Reserve Bank of New Zealand (RBNZ) kept its official cash rate at 0.25% but cut short a NZ$100 billion ($70 billion) bond buying programme.
• At GMT 16:01, the pair was trading 0.72% lower at 1.9717, after hitting daily low at 1.9682.
• Technical signals are bearish as RSI is at 49, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9790(50%fib), any close above will push the pair towards 1.9772(23.6%fib).
• Immediate support is seen at 1.9697(38.2%fib) and break below could take the pair towards 1.9607(23.6%fib).
Recommendation: Good to sell round 1.9710, with stop loss of 1.9790 and target price of 1.9620
