• GBP/NZD declined on Thursday as pound attracted sellers after BoE warned that the economy was heading for a long recession even as it raised rates .
• The GBP/NZD was already down on Thursday after the Fed meeting but dropped further lower after the BoE decision and statement.
•The pair reaches 1.9346 after extending south from 1.9613 (Daily high). 1.9346 is the lowest level since Sep 29th 2022.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 40 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9482 (38.2 % fib),any close above will push the pair towards 1.9638 (5DMA ).
• Immediate support is seen at 1.9346 (Daily low) and break below could take the pair towards 1.9206 (23.6 % fib)
Recommendation: Good to sell below 1.9350, with stop loss of 1.9500 and target price of 1.9200
