• GBP/NZD dipped on Friday as sterling was weighed after downbeat UK retail sales data .
• British retail sales fell more than anticipated in April, declining by 2.3% month-over-month. The drop was attributed to wet weather, which discouraged shoppers from visiting clothing retailers and sports stores.
• The pound was 0.06% lower against the kiwi dollar at 2.0809 , The pair traded in range 2.0851/ 2.0794 on Friday.
• The technical outlook remains bearish and points to eventual bigger losses, Fourteen-day momentum is negative, reinforcing the scope for a bigger slump
• Immediate resistance is located at 2.0878 (50%fib), any close above will push the pair towards 2.0925(May 6th high).
• Immediate support is seen at 2.0791(38.2%fib) and break below could take the pair towards 2.0687(23.6%fib).
Recommendation: Good to sell around 2.0810, with stop loss of 2.0950 and target price of 2.0720
