• GBP/NZD dipped on Monday as talk of negative rates by Bank of England and Brexit concerns dragged the pair downwards. • The pair is edging towards 23.6% fib at 2.0131 ,as the UK news is turning more negative day by day…
• GBP/NZD dipped on Monday as talk of negative rates by Bank of England and Brexit concerns dragged the pair downwards.
• The pair is edging towards 23.6% fib at 2.0131 ,as the UK news is turning more negative day by day. A break below 2.0131 might spur increased downward momentum.
• At GMT 16:42, the pair was trading 0.81% lower at 2.0220, lowest since 13th May.
• Technically 9 day 11-day momentum remains negative and RSI has sharply turned lower.
• Immediate resistance is located at 2.0308( 5 DMA), any close above will push the pair towards 2.0451(38.2% fib).
• Strong support is seen at 2.0131 (23.6% fib) and break below could take the pair towards 2.0062 (Lower BB).
Recommendation: Good to sell below 2.0250, with stop loss of 2.0140 and target price of 2.0000
