• GBP/NZD dipped on Monday as higher commodity prices boosted commodity linked kiwi dollar.
• Oil prices rose after Saudi Arabia announced it would cut its output to 9 million barrels per day in July, from around 10 million bpd in May.
• The pair picked up downside momentum and is approaching 38.2% fib. A close below will open up 2.0300 level.
• Immediate resistance is located at 2.0554 (5DMA), any close above will push the pair towards 2.0722 (23.6% fib)
• Support is seen at 2.0485 (38.2% fib) and break below could take the pair towards 2.0286 (50% fib).
Recommendation: Good to sell around 2.0500, with stop loss of 2.0600 and target price of 2.0430.
