• GBP/NZD strengthened initially on Tuesday but ran out of steam as traders were defensive ahead of Thursday’s UK Q3 GDP data.
• The pair hit daily high at 1.9043 and was last trading at 1.9007 in late US session.
• Technicals conflict- mixed signals as 5, 10 & 21 day moving averages flat line suggest further range trading.
• Immediate resistance is located at 1.9031 (50%fib), any close above will push the pair towards 1.9108(61.8% fib).
• Immediate support is seen at 1.8951 (38.2%fib) and break below could take the pair towards 1.8857 (23.6%fib).
Recommendation: Good to sell around 1.9025, with stop loss of 1.9100 and target price of 1.9860.
