FxWirePro:GBP/NZD threatens 23.6% fib after fall below 1.9300 handle
• GBP/NZD dipped on Wednesday as New Zealand’s stellar jobs report boosted kiwi dollars strength across the board.
•New Zealand employment change posted a 0.6% gain well above the forecast of 0.3%.
• The pairs fall below the 1.7986 (50%fib) has increased the growing bearish strength, putting focus on support at 1.8200.
• Investors attention shifts to Thursday's BoE meeting , the question is whether MPC will join Canada in tightening its asset buying program, with rates broadly expected to stay on hold.
• Technicals are favouring bearish sentiment as RSI is at 46 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9378 (38.2% fib), any close above will push the pair towards 1.9465(50%fib).
• Strong support is seen at 1.9265 (23.6% fib)and break below could take the pair towards 1.9096 (100DMA).
Recommendation: Good to sell around 1.9310, with stop loss of 1.9450 and target price of 1.9240