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FxWirePro:GBP/NZD recovery facing a steep rock, likely to falter

• GBP/NZD initially dipped on Wednesday  but recovered sharply as the pair found strong support at 1.9237 (Lower BB)  .

• The pair  rebound from Wednesday's 1.1877 low   looks merely corrective as the UK faces mounting economic issues and the BoE remains gradualist in tightening .

• GBP/NZD remains vulnerable, only a break and daily close above 14DMA at 1.9439 will shift bias to the upside.

• Techicals are bearish as daily RSI s trending lower at 48 while, daily momentum studies  5, 9 and 10 DMAs are trending lower. 

• Immediate resistance is located at 1.9389 (50% fib), any close above will push the pair towards 1.9439 (14DMA).

• Strong support is seen at 1.9279(38.2% fib) and break below could take the pair towards 1.9242 (Lower BB).

Recommendation: Good to sell on  around 1.9390, with stop loss of 1.9450 and target price of 1.9290

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