• GBP/NZD dipped on Wednesday as sterling retraced some of its earlier gains against the kiwi dollar.
• The pound slipped 0.37% to 2.1127, having climbed to its strongest level since August 26th high at 2.1269 on Tuesday.
• Technicals are favouring bearish sentiment as RSI is at 44 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 2.1269(38.2% fib), any close above will push the pair towards 2.1344 (50%fib)
• Strong support is seen at 2.1119(38.2% fib)and break below could take the pair towards 2.1000 (Psychological level).
Recommendation: Good to sell around 2.1240, with stop loss of 2.1300 and target price of 2.1160
