FxWirePro: GBP/NZD dips below lower range, bearish bias increases
• GBP/NZD declined on Friday after data showed British economy contracted in June.
•GBP/ NZD fell despite GDP figures falling less than expected as investors were wary that soaring UK inflation and BoE rate hikes will hinder growth.
• GBP/NZD drops below the 38.2%fib ,now eyes 23.6%fib support at 1.8714.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 28.
• Immediate resistance is located at 1.8914 (38.2%fib), any close above will push the pair towards 1.8981 (Daily high).
• Strong support is seen at 1.8790 (Daily low) and break below could take the pair towards 1.8714(23.6%fib).
Recommendation: Good to sell below 1.8800, with stop loss of 1.8930and target price of 1.8700
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