FxWirePro:GBP/NZD attracts selling interest, vulnerable to more downside
• GBP/NZD declined on Thursday as higher commodity prices and buoyant risk sentiment supported New Zealand dollar.
•The pair reaches 1.9320 after extending south from 1.9513 (early Asia high). 1.9320 is the lowest level since 9th September 2021.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 39 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9433 (14 DMA),any close above will push the pair towards 1.9473 (50 % fib ).
• Immediate support is seen at 1.9366 (38.2% fib) and break below could take the pair towards 1.9315 (Lower BB ).
Recommendation: Good to sell below 1.9410, with stop loss of 1.9550 and target price of 1.9300