FxWirePro: GBP/NZD extends drop, faces 23.6% fib support
• GBP/NZD declined on Tuesday as increased risk sentiment and higher commodity prices benefited New Zealand dollar.
• The is pair heading towards the 1.9245(23.6% fib), as near term direction of the pair is likely to be driven by current price action.
• Technical are strongly bearish, daily RSI is negative at 32, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.324 (38.2%fib ), any close above will push the pair towards 1.9350 (5DMA).
• Strong support is seen at 1.9249 (23.6%fib) and break below could take the pair towards 1.9200 (Psychological level).
Recommendation: Good to sell around 1.9280, with stop loss of 1.9320 and target price of 1.9220