FxWirePro:GBP/NZD threatens 23.6% fib after fall below 1.9100 handle

• GBP/NZD dipped on Wednesday  as  growing fears of recession   in UK undermined risk sentiment.

• The pair remains weak and might fall towards  1.8900 due to recession fears in the UK and despite   expectations the Bank of England will raise interest rates in February.

• Technicals are favouring bearish sentiment as RSI is at 39 and the pair is trading below   5,10 & 11-DMAs. 

• Immediate resistance is located at 1.9182 (38.2% fib), any close above will push the pair towards 1.9231(30DMA).

• Strong support is seen at 1.9001 (50% fib)and break below could take the pair towards 1.8966 (Lower BB).

Recommendation: Good to sell  around 1.9030, with stop loss of 1.9130 and target price of  1.8950