FxWirePro :GBP/NZD drifts lower,could be on verge of a bigger drop

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FxWirePro :GBP/NZD drifts lower,could be on verge of a bigger drop

Wednesday, March 15, 2023 5:34 PM UTC

• GBP/NZD declined on Wednesday as Credit Suisse crisis hits risk appetite.

• Credit Suisse shares hit a record low on Wednesday in a rout of European bank stocks, as investor concerns about sector stresses triggered by Silicon Valley Bank's implosion deepened.

• The pair is approaching to test 38.2%fib support. A break under would unmask 1.9300 level in the short term.

•Technical signals are bearish as RSI is turning lower , daily momentum studies 5, 9 and 11 DMAs are trending down

• Immediate resistance is located at 1.9541 (5DMA), any close above will push the pair towards 1.9618 (50%fib).

• Immediate support is seen at 1.9442 (38.2%fib ), break below could take the pair towards 1.9304 (March 8th low).

Recommendation: Good to sell around 1.9490 with stop loss of 1.9580 and target price of 1.9400

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