FxWirePro:GBP/NZD neutral in the near-term, scope for downward resumption

• GBP/NZD   rose on Monday as commodity linked New Zealand dollars weakened tracking losses in oil and copper as COVID-19 infections rose globally.

• GBP/NZD   rises  towards  above 1.9500 and holds near the day's high in US session. 

• Bulls will need a clear 1.9616 ( 61.8% fib)to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals are mixed as RSI has turned higher, moving averages are mixed.
 
• Immediate resistance is located at 1.9502 (50%fib), any close above will push the pair towards 1.9547 ( 21DMA).

• Immediate support is seen at 1.9384 (38.2%fib) and break below could take the pair towards 1.9337 (55DMA).

 Recommendation: Good to sell around 1.9500, with stop loss of 1.9620 and target price of 1.9400.