FxWirePro: GBP/NZD neutral in the near-term, scope for downward resumption
• GBP/NZD recovered some ground from initial decline on Thursday as concerns about rising inflation and lower commodity prices dented demand for New Zealand dollar.
• GBP/NZD recovers towards 1.9290(50% fib) and holds near the day's high in US session.
• Bulls will need a clear 1.6310 (38.2%fib) to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals are bearish as RSI is lower at 31, moving averages are trending lower.
• Immediate resistance is located at 1.9290 (50% fib), any close above will push the pair towards 1.9348 (61.8% fib).
• Immediate support is seen at 1.9230 (38.2%fib) and break below could take the pair towards 1.9202(Lower BB).
Recommendation: Good to sell around 1.9320, with stop loss of 1.9400 and target price of 1.9250.