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 Eng…
• 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
