• GBP/NZD initially gained on Monday but gains were limited as traders turned wary of growing political uncertainty in Britain.
• Johnson's resignation has deepened uncertainty over the UK economy, which is already under pressure from near double-digit inflation, the risk of recession and Brexit.
• At GMT 19:11, the pair was trading up 0.01 percent at 1.9437 after reaching daily high at 1.9502.
• Technical signals are trending down as RSI is bearish at 49, daily momentum studies 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.0454 ( 9DMA), any close above will push the pair towards 1.9494 (50% fib)
• Immediate support is seen at 1.9382 (38.2% fib) and break below could take the pair towards 1.9292(Lower BB).
Recommendation: Good to sell around 1.9450, with stop loss of 1.5600 and target price of 1.9300
