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FxWirePro:GBP/NZD dips below lower range, bearish bias increases

• GBP/ NZD declined on Friday as economic slowdown in the UK coupled with domestic political uncertainty.

• Bears have tightened their grip after registering a close below the 1.9352 (50%fib),scope grows for bigger gains towards 1.9200. 

• Technical signals are strongly bearish  as RSI is bearish at 41, 5, 9,11 DMAs are trending down. 

• Immediate resistance is located at 1.9362 (50%fib), any close above will push the pair towards 1.9416(5DMA).

• Immediate support is seen at 1.9214 (38.2%fib%fib) and break below could take the pair towards 1.9170 (Lower BB).

Recommendation: Good sell around 1.9270, with stop loss of 1.9360 and target price of 1.9200
 

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