• GBP/NZD recovered ground on Thursday as focus returned to Brexit ,but soft UK growth view limited GBP sharp gains
• Underlying trend remains bearish. A break below 1.9011 (23.6% fib) might spur fresh downward momentum.
• At GMT 18:11, the pair was trading 0.50% higher at 1. 9207, highest since 21st July.
• Technically 5 day and 14-day momentum remains negative and daily RSI turns higher from oversold territory. Monthly RSI implies longer-term bearish momentum remains.
• On the upside, Immediate resistance is located at 1.9202 ( 38.2% fib), any close above will push the pair towards 1.9272 (Higher BB).
• On the downside, strong support is seen at 1.9077 (Lower BB) and break below could take the pair towards 1.9014 (23.6% fib).
Recommendation: Good to sell around 1.9250, with stop loss of 1.9300 and target price of 1.9150.
