• GBP/NZD declined on Monday as uncertainties over Brexit talks weighed on sterling.
•GBP/NZD weakened more aggressively than other cross pairs, as Brexit uncertainties, specifically around fishing rights and level-playing-field issues lingered.
• At GMT 16:54, the pair was trading down 0.53 percent at 1.8829 after reaching daily low at 1.8773.
• Technicals are favouring bearish sentiment as RSI is at 43 and the pair is trading below 5 & 9-DMAs.
• Immediate resistance is located at 1.8883 (9DMA), any close above will push the pair towards 1.8915 (23.6%fib)
• Immediate support is seen at 1.8760 (23.6%fib ) and break below could take the pair towards 1.8700 (Psychological level).
Recommendation: Good to sell around 1.8850, with stop loss of 1.8950 and target price of 1.8700
