FxWirePro: GBP/NZD slips lower on dour UK GDP data, good sell on rallies

• GBP/NZD dipped on Monday as dismissal UK GDP data weighed on pound.

• Gross domestic product contracted by 0.3% after falling by 0.1% in March, the first back-to-back declines since March and April 2020.

• Underlying trend for the pair remains bearish. A break below 23.6%fib might spur increased downward momentum.

• Technically 11 day and 21-day momentum remains negative and RSI beginning to head down at 49.

•  Immediate resistance is located at 1.9405 ( 21DMA), any close above will push the pair towards 1.9522(38.2%fib).

• Strong support is seen at 1.9329 (38.2%fib) and break below could take the pair towards 1.9162(Lower BB).

Recommendation: Good to sell on rallies around 1.9370 with stop loss of 1.9500 and target price of 1.9300