FxWirePro: GBP/NZD falls below 1.9300, bears keep the advantage

• GBP/NZD declined on Monday as worries UK growth outlook weighed on sterling.

•British manufacturing activity expanded in May at the weakest rate since January 2021.

•The final estimate of the S&P Global UK Manufacturing Purchasing Managers' Index (PMI) fell to 54.6 in May from 55.8 in April.

• The pair inability to hold gains above 1.9485, 38.2% fib, may increases the likelihood of a drop towards1.9150 level.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 42.

•   Immediate resistance is located at 1.9355 ( 9 DMA), any close above will push the pair towards 1.9485(38.2% fib).

• Strong support is seen at 1.9223 (23.6% fib ) and break below could take the pair towards 1.9140(Lower BB).

Recommendation: Good to sell around 1.9255, with stop loss of 1.9350 and target price of 1.9150.