FxWirePro: GBP/NZD slides to lower end of recent range as concern over negative rates lingers

• GBP/NZD declined on Wednesday as   Brexit risks and speculation about negative rates continued to weigh on GBP.

• The pound was buoyant against New Zealand dollar at the start of the day, but dipped as focus shifted back to the possibility of negative interest rates in Britain.

• At GMT 18:35, the pair was trading 0.24% lower at 1.9845, lowest  since 21st January 2020.  

• Technical signals are bearish as RSI is at 32, daily momentum studies  5, 9 and 10 DMAs are trending south.

• Immediate resistance is located at 1.9896 ( 23.6% fib), any close above will push the pair towards 2.0020 (9 DMA).

• Immediate support is seen at 1.9741 (300 DMA) and break below could take the pair towards 1.9605 (Lower BB).

Recommendation: Good to sell  below 1.9860, with stop loss of 2.0020   and target price of 1.9700.