FxWirePro:GBP/NZD extends drop, faces 50% fib support
• GBP/NZD declined on Wednesday as higher oil prices and signs of a global economic recovery from the coronavirus pandemic supported New Zealand dollar .
•The pair reaches 1.9794 after extending south from 1.9905 (early Asia high). 1.9794 is the lowest level since 17th June 2021.
• Technical signals show the pair could lose more ground in the short-term as RSI has turned lower, daily momentum studies 5, 9 DMAs are trending down.
• Immediate resistance is located at 1.9865(38.2%fib),any close above will push the pair towards 1.9960 (23.6 % fib ).
• Immediate support is seen at 1.9798 (50% fib) and break below could take the pair towards 1.9759 (14DMA ).
Recommendation: Good to sell around 1.9820, with stop loss of 1.9920 and target price of 1.9720