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FxWirePro:GBP/NZD drops below 1.9450 level on broad risk selloff, more downside expected

• GBP/NZD dipped on Monday as  global sell-off prompted by China’s struggling Evergrande hit sterling.

• Default worries surrounding China’s Evergrande, the world’s most indebted property developer, hit sterling.

•The pair is   testing support 1.9414 (23.6% fib), a daily close below   will accelerate downtrend towards 1.9400 (Psychological level ).

• Technicals are favouring bearish sentiment as RSI is at 40 and the pair is trading below  5, 9 & 11-DMAs. 

• Immediate resistance is located at 1.9458 (5DMA), any close above will push the pair towards 1.9536(38.2%fib).

• Support is seen at 1.9414 (23.6% fib)and break below could take the pair towards 1.9358(9th Sep).

Recommendation: Good to sell  around 1.9430, with stop loss of 1.9500 and target price of  1.9370.
 

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