FxWirePro:GBP/NZD chart is very negative, expect a steeper dive

• GBP/NZD declined on Monday as the pair was weighed down as west ramped up sanctions against Russia for its attack on Ukraine.

•As an economic crisis loomed , the fallout of tougher sanctions from the west imposed over the weekend rippled out across financial market.

• Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system.

• Selling pressure will remain in the short-term, only a move above 2.0013 (Ichimoku Cloud Top) strong resistance  will shift the bias higher.

• Technical signals show the pair could lose more ground as RSI is at 30 bearish, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.9968 (50%fib), any close above will push the pair towards 2.0013 (Ichimoku Cloud Top).

• Immediate support is seen at 1.9798 (23.6%fib) and break below could take the pair towards 1.9707 (Ichimoku Cloud Base).

Recommendation: Good to sell round 1.9810, with stop loss of 1.9900 and target price of 1.9700