• GBP/NZD recovered ground on Monday as slightly weaker kiwi dollar and caution ahead of a key U.S. jobs report later in the week supported some gains in the pair.
• GBP/NZD bulls must regain above the Ichimoku cloud base to stem the bearish tide and a rise above the daily cloud top at 1.9753 (50% fib)to regain momentum.
• Technical are RSI is trending lower at 47, daily momentum studies 5, 9 and 10 DMAs are trending southwards.
• Immediate resistance is located at 1.9663 (Ichimoku cloud base), any close above will push the pair towards 1.9753 (50% fib).
• Strong support is seen at 1.9595 (23.6% fib) and break below could take the pair towards 1.9530 (June 6th low).
Recommendation: Good to sell on around 1.9660, with stop loss of 1.9750 and target price of 1.9600
