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FxWirePro:GBP/NZD drifts lower , chances of a bigger collapse to key fibo support grows

• GBP/NZD declined on Wednesday  as dovish comments by Bank of England Governor  increased   vulnerability for pair.

• Bank of England Governor Andrew Bailey said nothing had been decided in terms of whether interest rates would need to rise again.

• Technical signals are bearish as RSI is at 49, daily momentum studies  5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.9271 (50%fib), any close above will push the pair towards 1.9324(5DMA).

• Immediate support is seen at 1.9179 (Daily low) and break below could take the pair towards 1.9080 (38.2%fib).

Recommendation: Good to sell round 1.9230, with stop loss of 1.9390 and target price of 1.9160

 

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