• GBP/NZD eased on Thursday as speculation that Bank of England may not raise interest rate any further kept bearish pressure on pound.
• BoE Governor Andrew Bailey undermined sterling on Tuesday, saying the bank might already be done with hikes, contributing to a slide from that session's highs.
•The pair inability to hold gains above 1.9355 (5DMA), may increases the likelihood of a drop towards1.9100 level.
• Technicals are favouring bearish sentiment as RSI is at 48 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9315 (38.2%fib), any close above will push the pair towards 1.9355 (5DMA)
• Strong support is seen at 1.9179(Daily low)and break below could take the pair towards 1.9089 (23.6%fib).
Recommendation: Good to sell around 1.9240, with stop loss of 1.9350 and target price of 1.9160
