• GBP/NZD declined on Monday as U.S. civil unrest , U.S.-China tensions weighed on the pair.
• Underlying trend remains bearish. A break below 1.9820 might spur fresh downward momentum.
• At GMT 16:16, the pair was trading 0.18% lower at 1.9837 after hitting daily high at 1.9925.
• Technical signals are bearish as RSI is at 32, daily momentum studies 9, 11 & 21 DMAs track south.
• On the upside, Immediate resistance is located at 1.9936 ( 9DMA), any close above will push the pair towards 2.0068 (23.6% fib).
• On the downside, strong support is seen at 1.9820 (Daily low) and break below could take the pair towards 1.9739 (300 DMA).
Recommendation: Good to sell on rallies around 1.9850, with stop loss of 2.0070 and target price of 1.9700.
