• GBP/ NZD initially gained on Friday but rally fizzled as rising rate differentials between US and UK and Brexit tensions hindered sterling gains.
• The pair attempted to breach resistance at 1.9104 (61.8% fib)and dipped towards 1.9020 level . A decisive break closure below 1.9016(50% fib) is likely to add more bressish pressure on the pair.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 34 bullish, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.9052 ( 14DMA), any close above will push the pair towards 1.9104 (61.8% fib).
• Immediate support is seen at 1.9016(50% fib) and break below could take the pair towards 1.8949 (38.2%fib).
• Recommendation: Good to sell around 1.9020, with stop loss of 1.9120 and target price of 1.8960
