• GBP/NZD recovered sharply on Monday outcome of the Scottish election boosted sterling across the board.
• GBP/NZD climbed to as high as 1.9410, its strongest in level since 5th May 2021.
•Investors await Tuesday's Queen's Speech where the government lays out its plans for the year ahead.
• Bulls will need a clear 1.9522( Higher BB)to take greater control, failure to break higher will spur fresh downward momentum.
• Immediate resistance is located at 1.9402 (100DMA), any close above will push the pair towards 1.9452 (50%fib).
• Immediate support is seen at 1.9317 (38.2%fib) and break below could take the pair towards 1.9153(23.6%fib).
Recommendation: Good to sell around 1.9400, with stop loss of 1.9530 and target price of 1.9320.
