FxWirePro: GBP/NZD changes short term trend from neutral to bearish

• GBP/NZD declined on Tuesday as selling was influenced by some profit-taking on long positions.

• GBP/NZD traded to 1.9499 before buyers receded due to sellers at 1.95776, it was last down 0.05% At 19:35 GMT.

• The pair is approaching to testing 1.9491 (50%fib ). A break under  1.9491 would unmask 1.9400 level.

•Technical signals show the pair could lose more ground in the short-term as RSI is has turned  bearish, daily momentum studies 5, and 9   DMAs are trending down.

• Immediate resistance is located at 1.9568 (38.2%fib ), any close above will push the pair towards 1.9667  (23.6%fib).

• Immediate support is seen at 1.9491 (50%fib ), break below could take the pair towards 1.9413 (61.8%fib).

Recommendation: Good to sell around 1.9530 with stop loss of 1.9640 and target price of 1.9440.