FxWirePro: GBP/NZD strongly bearish despite upside attempts

• GBP/NZD   recovered some ground   on Monday  as currency traders shifted their focus to the outlook for UK monetary policy.

•BoE  kept interest rates unchanged on Thursday, and dovish comments from policymakers raised expectations of an August cut. 

• This week, the UK will publish its Gross Domestic Product (GDP) figures, which are expected to provide a detailed look into the current state of the British economy.

• Technical signals are mixed as RSI has turned lower, moving averages are mixed. 

• Immediate resistance is located at 2.0717 ( Daily high), any close above will push the pair towards 2.0760( 50% fib).

• Immediate support is seen at 2.0699 (38.2%fib) and break below could take the pair towards 2.0614 (5DMA).

 Recommendation: Good to sell around 2.0720, with stop loss of 2.0810 and target price of 2.0670