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FxWirePro:GBP/ NZD losses could deepen with a break of key obstacles

• GBP/NZD initially gained on Thursday   but gave up ground as improved risk appetite drove capital flows to kiwi dollar.

• The pair is currently approaching support at 23.6%fib. A break below will accelerate further trend futher lower.  

• Technical signals are bearish as RSI is heading down at 26   , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.8991(5DMA ), any close above will push the pair towards 1.9080 (38.2%fib).

• Strong support is seen at 1.8889(23.6%fib) and break below could take the pair towards 1.8712 (Lower BB).

Recommendation: Good to sell on  around 1.8950, with stop loss of 1.9050  and target price of 1.8870
 

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