FxWirePro: GBP/NZD neutral in the near-term, scope for downward resumption
•GBP/NZD declined on Thursday as profit taking hinder the pair’s upside progress.
•The pair hit daily low at 1.9525, it was last down 0.58% at GMT 18:36.
•The pair is approaching 38.2% retracement at 1.9517, a daily close below which will accelerate downsidetowards 1.9443 (5DMA).
•Technicals are mixed as moving averages are pointing upwards, while the RSI is turning lower.
•Immediate resistance is located at 1.9656 ( 23.6%fib), any close above will push the pair towards 1.8183 ( April 6th high).
•Strong support is seen at 1.9520 (38.2% fib ) and break below could take the pair towards 1.9443 (5DMA).
Recommendation: Good to sell around 1.9570, with stop loss of 1.9670 and target price of 1.9450.