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FxWirePro: GBP/NZD rallies above 1.9500 but reversal is likely
• GBP/NZD recovered ground on Wednesday as Brexit, US election vigil gave the pair a lift.
• GBP/NZD rallied to test resistance at 1.9575 but failed to breach as bulls ran out of strength
• At GMT 18:30, the pair was trading up 0.43 percent at 1.9522 after reaching daily high at 1.9584.
• Technicals are bearish, daily RSI is at 48 , daily momentum studies 5, 9 and 10 DMAs are trending south.
• Immediate resistance is located at 1.9575 (38.2%fib ), any close above will push the pair towards 1.9600 (55DMA).
• Strong support is seen at 1.9420 (23.6% fib) and break below could take the pair towards 1.9322 (Lower BB).
Recommendation: Good to sell on around 1.9520, with stop loss of 1.9620 and target price of 1.9400