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FxWirePro:GBP/NZD outlook weaker on renewed downside pressure

• GBP/NZD declined on Friday as investors continued to digested   UK budget announcement.

• GBP/NZD probed support  at 1.9205 (38.2% fib), and recovered towards 1.9299, break lower risks run towards 1.9150 level .  

•Technical are bearish, daily RSI is negative at 43, daily momentum studies  9 and 10 DMAs are trending down. 

•Immediate resistance is located at 1.9337 (5DMA ), any close above will push the pair towards 1.9427 (50% fib).

•Strong support is seen at 1.9205 (38.2% fib) and break below could take the pair towards 1.9024 (Lower BB).

Recommendation: Good to sell on  around 1.9300, with stop loss of 1.9400 and target price of 1.9200


 

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