FxWirePro:GBP/NZD reverses recent rally, bias back to downside

• GBP/NZD dipped on Friday  as   kiwi dollar rose as global banking crisis fears eased.

• Sentiment remained fragile  and investors remained cautious on what will be the next source of turmoil.

• At GMT 18:11, the pair was trading down 0.56 percent  at 1.9425 after reaching daily low at 1.9403.

•Technical are bearish, daily RSI has turned negative, daily momentum studies  11and 14 DMAs are trending down.

• Immediate resistance is located at 1.9486 (50%fib), any close above will push the pair towards 1.9498(5DMA).

• Immediate support is seen at 1.90407(38.2%fib ) and break below could take the pair towards 1.9348(March 9th low).

Recommendation: Good to sell  around 1.9430, with stop loss of 1.9530 and target price of 1.9330.