FxWirePro: GBP/NZD rebounds, critical resistance lies ahead

• GBP/NZD  initially dipped  on Friday but recovered ground as investors booked profits from recent fall.

•After four-days decline, pair has retreated to 1.9240. GBP/NZD  may need a break above 38.2% fib to clear  assault on 1.9400.

• Technical signals are mixed as RSI is at 51, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.9270 (38.2%fib), any close above will push the pair towards 1.9328 (5DMA).

•  Strong support is seen at 1.9083 (50%fib ) and break below could take the pair towards 1.8983 (Lower BB).

Recommendation: Good to buy around 1.9240, with stop loss of 1.9150 and target price of 1.9330