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FxWirePro: GBP/NZD threatens 23.6% fib after fall below 1.9200 handle

• GBP/NZD declined on Friday as gains in commodities prices ,  equities   buoyed risk sensitive kiwi dollar against pound.

• The pair   was last down 0.37% at 1.9112.Lowest since December 1st 2022.

• The pair  is now on course to register a   close below the 1.9098(23.6% fib ) level, chart points to bigger drop towards  1.9000 level. 

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 39.

•  Immediate resistance is located at 1.9211 (9 DMA), any close above will push the pair towards 1.9341 ( 50 % fib).

• Immediate support is seen at 1.9098(23.6% fib ) and break below could take the pair towards 1.9029 (Lower BB).

Recommendation: Good to sell around 1.9120, with stop loss of 1.9200 and target price of 1.9060.

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