FxWirePro :GBP/NZD capped by the 9-DMA, good to sell on rally

• GBP/NZD declined on Friday as   kiwi dollar was boosted   by upbeat retail sales data .

•  New Zealand retail sales were flat at 0.0% q/q,  the data was better than expected ,the improvement in retail sales points to resilience in the New Zealand economy.

• The pair is approaching to test  38.2%fib support. A break under    would unmask   2.0600 level in the short term.

• Immediate resistance is located at 2.0733(9DMA), any close above will push the pair towards 2.0774 (50%fib).

• Immediate support is seen at2.0641 (38.2%fib ), break below could take the pair towards 2.0483 (23.6%fib).

Recommendation: Good to sell around 2.0710  with stop loss of 2.0770  and target price of 2.0600