• GBP/NZD dipped on Tuesday as drops was-assisted by kiwi dollar strength and the prospect of stimulus from China.
• GBP/NZD probed 2.2281 support zone, and recovered towards 2.2322, Break lower at 23.6% fib support risks run towards 2.2200 level .
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 29.
• Immediate resistance is located at 2.0326(5DMA), any close above will push the pair towards 2.0427(38.2% fib).
• Strong support is seen at 2.2281 (23.6% fib) and break below could take the pair towards 2.2259 (25th May low).
Recommendation: Good to sell on around 2.2380, with stop loss of 2.2480 and target price of 2.2220
