FxWirePro:GBP/NZD gives back chunk of early gains, eyes another drop

• GBP/ NZD gained on Tuesday as GBP was underpinned by BoE rate expectations and UK economic recovery hopes.

• GBP/NZD traded up to 1.9271 before running into sellers,Short rally fizzled out and GBP/NZD  slipped below 1.9250 into the US afternoon.

• GBP/NZD chart bias remains on the downside, reinforcing the bearish market. A break under 1.9050 would unmask 1.9000 level in the short term. 

• Immediate resistance is located at 1.9314(38.2% fib), any close above will push the pair towards 1.9384 (Higher BB).

• Immediate support is seen at 1.9158 (50% fib) and break below could take the pair towards 1.9007 (61.8%fib).

Recommendation: Good sell around 1.9220, with stop loss of 1.9350 and target price of 1.9140