• GBP/NZD declined on Monday as investors awaited key economic data this week for clues on the path British monetary policy.
• Investors awaited British labour market data for hints on how fast the Bank of England will cut rates this year.
• A close below 50% fib, will likely trigger a new bearish phase with potential for 2.1500 level.
• Immediate resistance is located at 2.1643 (38.2% fib), any close above will push the pair towards 2.1729 ( (Nov 7th high).
• Strong support is seen at 2.1543 (50% fib) and break below could take the pair towards 2.1411(61.8% fib).
Recommendation: Good to sell on around 2.1600, with stop loss of 2.1680 and target price of 2.1500.
