• GBP/NZD dipped on Wednesday as lack momentum in the UK's vaccine rollout programme weighed on sterling.
• At GMT 16:41, the pair was trading 0.01% lower at 1.9585, lowest since March 31st.
• Underlying trend for the pair remains bearish. A break below 1.9520 (38.2%fib) might spur increased downward momentum.
• Technical signals are bearish as RSI is trending down, daily momentum studies 5, 9 and 10 DMAs are pointing southwards.
• Immediate resistance is located at 1.9667 ( 5 DMA), any close above will push the pair towards 1.9760 (23.6%fib).
• Strong support is seen at 1.9520 (38.2%fib) and break below could take the pair towards 1.9437 (30DMA).
Recommendation: Good to sell around 1.9590 with stop loss of 1.9700 and target price of 1.9520.
