•GBP/NZD initially declined on Tuesday but recovered some ground on profit taking on shorts.
• GBP/NZD bears have tightened their grip on this market,A break, daily close under 1.8720 (23.6%fib) could deepen losses
•Technical signals are bearish as RSI is at 30, daily momentum studies 5,9,11 DMA’s, are trending down.
• Immediate resistance is located at 1.8899 (38.2%fib ), any close above will push the pair towards 1.8952 (14DMA).
•Strong support is seen at 1.8720 (23.6%fib) and break below could take the pair towards 1.8630 (Jan 2st 2021 low).
Recommendation: Good to sell around 1.8830 with stop loss of 1.8970 and target price of 1.8750 .
