• GBP/NZD declined on Friday as less-hawkish BoE and lack of a resolution of the Russia-Ukraine conflict weighed on pound.
• GBP/NZD poised for more losses as the BoE, until this week seen as one of the more aggressive central banks, takes a measured approach.
• Technical signals are bearish as RSI is at 28, daily momentum studies 5, 10 & 21 DMAs track south.
• Immediate resistance is located at 1.9168 (38.2% fib), any close above will push the pair towards 1.9293 (14DMA).
• Strong support is seen at 1.9060 (Daily low) and break below could take the pair towards 1.8994 (23.6% fib).
Recommendation: Good to sell on rallies around 1.9100, with stop loss of 1.9260 and target price of 1.9000.
