• GBP/NZD initially dipped on Wednesday but recovered sharply as the pair found strong support at 1.9237 (Lower BB) .
• The pair rebound from Wednesday's 1.1877 low looks merely corrective as the UK faces mounting economic issues and the BoE remains gradualist in tightening .
• GBP/NZD remains vulnerable, only a break and daily close above 14DMA at 1.9439 will shift bias to the upside.
• Techicals are bearish as daily RSI s trending lower at 48 while, daily momentum studies 5, 9 and 10 DMAs are trending lower.
• Immediate resistance is located at 1.9389 (50% fib), any close above will push the pair towards 1.9439 (14DMA).
• Strong support is seen at 1.9279(38.2% fib) and break below could take the pair towards 1.9242 (Lower BB).
Recommendation: Good to sell on around 1.9390, with stop loss of 1.9450 and target price of 1.9290
