• GBP/NZD declined on Monday as the pair attracted sellers ahead of UK employment, upcoming meetings.
• Dovish MPC members favoring a rate hold could gain more influence if Tuesday's UK data hint at reduced inflationary pressures, raising the prospects of a skip, or pause at next MPC meeting.
• The pair is approaching to test 38.2 %fib support. A break under would unmask 2.0350 level in the short term.
• Technical signals show the pair could lose more ground in the short-term as RSI is falling,while moving averages and MACD are trending lower.
• Immediate resistance is located at 2.0524 (9DMA), any close above will push the pair towards 2.0645 (23.6%fib).
• Immediate support is seen at 2.0388 (38.2%fib ), break below could take the pair towards 2.0252 (Apr 27th low).
Recommendation: Good to sell around 2.0450 with stop loss of 2.0550 and target price of 2.0350
