• GBP/NZD declined on Monday as fear that EU-UK may not agree to trade deal weighed on GBP.
•The pair reaches 1.9124 after extending south from 1.9264. 1.9124 is the lowest level since June 23rd 2020.
• Technical signals are bearish as RSI is at 29 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9264 (5 DMA),any close above will push the pair towards 1.9279 (23.6% fib).
• Immediate support is seen at 1.9124 (Daily low) and break below could take the pair towards 1.9059 (Lower BB )
Recommendation: Good to sell below 1.9124, with stop loss of 1.9280 and target price of 1.9000
