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FxWirePro: GBP/NZD reverses recent rally, bias back to downside

• GBP/NZD initially gained on Monday  but rally fizzled as recent rise in COVID-19 cases across Europe   dampened investor sentiment 

• GBP/NZD hits daily high at 1.8020  but   reverses course  to trade at 1.9660 in afternoon US session.  

• GBP/NZD remains bearish only a break and daily close above  (23.6%fib) will shift bias to the upside.

• Immediate resistance is located at 1.9859 ( 23.6%fib), any close above will push the pair towards 1.9854 ( Daily high).

• Support is seen at 1.9631 (Daily low) and break below could take the pair towards 1.9544(50%fib).

Recommendation: Good to sell around 1.9600 with stop loss of 1.9840 and target price of 1.9500.
 

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