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FxWirePro:GBP/NZD drops below 1.9500 level, heads deeper into bear territory

• GBP/NZD dipped on Thursday as sharp slowdown in UK vaccination rates in early April weighed on the pair.

• At GMT 19:06, the pair was trading down 0.50 percent  at 1.9473 after reaching daily low at 1.9460.

•The pair is   testing support 1 .9459 (38.2% fib), a daily close below   will accelerate towards 1.9400 (Psychological level ).

• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below   11 & 21-DMAs. 

• Immediate resistance is located at 1.9525 (21DMA), any close above will push the pair towards 1.9651(23.6%fib).

• Support is seen at 1.9459 (38.2% fib)and break below could take the pair towards 1.9371(50 EMA).

Recommendation: Good to sell  around 1.9480, with stop loss of 1.9590 and target price of  1.9390.
 

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