• GBP/NZD initially gained on Friday but gave up ground as an unfavourable macroeconomic overshadowed uncertainty about politics in UK.
• The pair hit daily high at 1.9523, but retreated back , it was last down 0.14% at 1.9427
• Technical signals are bearish as RSI is at 49, daily momentum studies 5,9,21 DMA are trending south.
• Immediate resistance is located at 1.9527 (50%fib ), any close above will push the pair towards 1.9591 (21DMA).
• Strong support is seen at 1.9430 (5DMA) and break below could take the pair towards 1.9324 (38.2%fib).
Recommendation: Good to sell around 1.9430 with stop loss of 1.9540 and target price of 1.9370.
