• GBP/NZD declined on Friday as weak UK retail sales data and political unrest in UK weighed on sterling .
• UK Retail sales volumes fell by 1.4% from August almost three times the 0.5% fall in a poll of economists taking them below their pre-coronavirus pandemic level.
• Scope is growing for an eventual break under the 1.9547(50%fib) level, an eventual break below 50%fib will accelerate further down side towards 1.9400.
• Immediate resistance is located at 1.9775 (38.2%fib ), any close above will push the pair towards 1.9852( 9DMA).
• Strong support is seen at 1.9547(50%fib) and break below could take the pair towards 1.9509 ( 30 DMA).
Recommendation: Good to sell around 1.9600, with stop loss of 1.9780 and target price of 1.9510.
