FxWirePro: GBP/NZD outlook weaker on renewed downside pressure
• GBP/NZD declined on Thursday as sterling was held down against New Zealand dollar by a combination of coronavirus-induced economic woes and Brexit risks.
• The cross pair remains vulnerable, only a break and daily close above 1.9703 (5 DMA) will shift bias to the upside.
• Technical signals are bearish as RSI is at 26, daily momentum studies 5, 10 & 21 DMAs track south.
• On the upside, Immediate resistance is located at 1.9593 ( Daily high), any close above will push the pair towards 1.9703 (5 DMA).
• On the downside, strong support is seen at 1.9477 (Lower BB) and break below could take the pair towards 1.9400 (Psychological level).
Recommendation: Good to sell around 1.9500, with stop loss of 1.9700 and target price of 1.9400.