FxWirePro :GBP/NZD closes below 5-day moving average favouring weakness

• GBP/NZD declined on Monday  as   weaker than expected UK July PMI  weighed on sterling .

• The S&P Global/CIPS composite Purchasing Managers' Index (PMI) showed a preliminary reading of 50.7, down from 52.8 in June in the biggest month-on-month drop in 11 months.

• The pair is approaching to test  23.6%fib support. A break under    would unmask   2.0500 level in the short term.

• Immediate resistance is located at 2.0691 (5DMA), any close above will push the pair towards 2.0851 (23.6%fib).

• Immediate support is seen at2.0641 (38.2%fib ), break below could take the pair towards 2.0493 (Lower BB).

Recommendation: Good to sell around 2.0680  with stop loss of 2.0770  and target price of 2.0600