FxWirePro :GBP/NZD drops towards 1.9080 amid UK growth fears, good to sell on rally
• GBP/NZD declined on Thursday as worries that soaring UK inflation will weaken British economy weighed on pound.
• Pound attracted sellers after UK inflation posted a rise to 10.1%, raising fear that a tougher BoE inflation response would increase recession risks
•The pair hit daily high at 1.9239 and was last trading at 1.9080 at (GMT 17:15).
• Technical are bearish, daily RSI is negative at 47, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9152 (38.2 % fib),any close above will push the pair towards 1.9190 (38.2 % fib ).
• Immediate support is seen at 1.9031 (23.6% fib) and break below could take the pair towards 1.8974 (Aug 17th low )
Recommendation: Good to sell below 1.9100, with stop loss of 1.9200 and target price of 1.9010
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