FxWirePro: GBP/NZD hits one-month low, good to sell on rally

• GBP/NZD declined on Friday  as the pair continued to remain under bearish pressure from  yesterday's Bank of England (BoE) announcement. 

•Bank of England (BoE)  BoE hiked by 75bp on Thursday , but  tweaked the policy message to the dovish side.

• GBP/NZD   is now on course to register a   close below the 38.2%fib support, chart points to bigger drop towards  1.9100 level.  

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 36.

• Immediate resistance is located at 1.9372 (50%fib), any close above will push the pair towards 1.9482(5DMA).

• Strong support is seen at 1.9109 (38.2%fib) and break below could take the pair towards 1.8930(29th Sep low).

 Recommendation: Good to sell below 1.9170, with stop loss of 1.9250 and target price of 1.9100