• GBP/NZD fell deeper into negative territory on Monday as increased risk sentiment boosted kiwi dollar.
• The pound was 0.22% lower against the kiwi dollar at 2.0763 , The pair traded in range 2.0813/ 2.0747 on Monday.
• The technical outlook remains bearish and points to eventual bigger losses, Fourteen-day momentum is negative, reinforcing the scope for a bigger slump
• Immediate resistance is located at 2.0808 (50%fib), any close above will push the pair towards 2.0915(61.8%fib).
• Immediate support is seen at 2.0705(38.2%fib) and break below could take the pair towards 2.0616(May 20th low).
Recommendation: Good to sell around 2.0770, with stop loss of 2.0860 and target price of 2.0700
