• GBP/NZD recovered some ground on Friday as the pair recovery was aided by profit-taking on shorts.
• The pair is currently approaching resistance at 1.9571. Strong resistance at 1.9624 (5 DMA) is likely to cap further upside in the pair.
• Technical signals are bearish as RSI is at 26, daily momentum studies 5, 9 and 10 DMAs are trending down.
• On the upside, immediate resistance is located at 1.9571 ( Daily high), any close above will push the pair towards 1.9624 (5 DMA)
• On the downside, support is seen at 1.9412 (Daily low ) and break below could take the pair towards 1.8290 (Lower BB).
Recommendation: Good to sell around 1.9500, with stop loss of 1.9800and target price of 1.9300.
