FxWirePro: GBP/NZD rallies above 1.9700 but reversal is likely

• GBP/NZD initially gained on Monday but rally fizzled as rapid spread of Delta variant, UK-EZ post-Brexit trade issues weighed on GBP.

• GBP/NZD stood at 1.9712, having recovered from 1.5430 (Daily low). The pair hit daily high at 1.9761.

• GBP/NZD remains vulnerable, only a break and daily close above  at 1.9800(Psychological level) will shift bias to the upside.

• Immediate resistance is located at 1.9737 ( 5 DMA), any close above will push the pair towards 1.9761 ( 50% fib).

• Immediate support is seen at 1.9688 (38.2%fib) and break below could take the pair towards 1.9598 (23.6%fib).

 Recommendation: Good to sell around 1.9740, with stop loss of 1.9800 and target price of 1.9650.