FxWirePro:GBP/NZD downtrend extends ,eyes support at 23.6% fib

• GBP/NZD dipped on Thursday   as   gains in commodity market boosted demand for commodity linked kiwi dollar.

• Investors are betting that commodity-producing economies will pick up the slack caused by disruptions in Russian exports.  

• Technicals are favouring bearish sentiment as RSI is at 38 and the pair is trading below   11 & 21-DMAs. 

• Immediate resistance is located at 1.9168 (5DMA), any close above will push the pair towards 1.9217 (38.2% fib).

• Support is seen at 1.9033 (23.6% fib) and break below could take the pair towards 1.9798(Lower BB).

Recommendation: Good to sell  around 1.9080, with stop loss of 1.9160 and target price of 1.9000