FxWirePro: GBP/NZD bears need a close under a key level to tighten grip, good to sell on rally
• GBP/NZD declined on Monday as risk appetite strengthened, supported by encouraging economic data from china boosting kiwi dollar.
• Strong support is at 1.9193,A break below will encourage fresh selling and accelerate downtrend.
• Technical signals are bearish as RSI is at 42, daily momentum studies 5, 9 and 10 DMAs are trending south.
• Immediate resistance is located at 1.9293( 14DMA), any close above will push the pair towards 1.9360(50% fib)
• Strong support is seen at 1.9193 (38.2%fib) and break below could take the pair towards 1.9145(Lower BB).
Recommendation: Good to sell on rally around 1.9210 with stop loss of 1.9310 and target price of 1.9120.
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