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FxWirePro: GBP/NZD downtrend loses steam but outlook still bearish

• GBP/NZD dipped on Friday as weaker sterling and higher commodity prices boosted commodity-linked  New Zealand dollar.

• GBP/NZD stood at 1.9649, having recovered from 1.9601 (Daily low).GBP/NZD has managed to stay clear of major support 1.9599 ( 23.6%fib).

• A daily close below 23.6%fib will accelerate downtrend towards 1.9525 (55DMA).).

• Technical signals  favours  bearish sentiment, RSI is has turned sharply lower and pair trades below 5,9  & 11-DMAs.

• Resistance is located at 1.9688( 38.2%fib) and at 1.9723 (Daily high).

• Support is found at 1.9599 ( 23.6%fib) and at 1.9525 (55DMA).

Recommendation: Good to sell   around 1.9650, with stop loss of 1.9760 and target price of 1.9580

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