• GBP/NZD declined on Friday as the pair attracted sellers after data showed British retail sales fell much more than expected in August.
• British retail sales fell much more than expected in August, in another sign that the economy is sliding into recession as the cost of living crunch squeezes households' disposable spending.
• The data are likely to add to worries about the strength of demand in Britain's economy.
• Bearish momentum is likely to pick up with a move below 38.2% fib, which would target support at the 1.8970.
• Immediate resistance is located at 1.9131(5DMA), any close above will push the pair towards 1.9164(50%fib).
•Immediate support is seen at 1.8970(12th Sep low ) and break below could take the pair towards 1.8902(23.6%fib).
Recommendation: Good to sell around 1.9070, with stop loss of 1.9150 and target price of 1.8970.
