• GBP/NZD dipped on Monday as traders adjusted positions ahead of Tuesday’s UK PMI data and Wednesday's price data.
• Price slides to 1.9746 from 1.9880 Daily high. The pair has seen a 134 pip range, on Monday.
• Technicals are favouring bearish sentiment as RSI is at 40 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9896 (38.2% fib), any close above will push the pair towards 1.9933 (14DMA)
• Strong support is seen at 1.9746 (50% fib)and break below could take the pair towards 1.9674(Lower BB).
Recommendation: Good to sell around 1.9820 with stop loss of 1.9900 and target price of 1.9760
