• GBP/ NZD declined on Monday weaker than expected UK GDP data weighed on the pair.
• Investors will focus on UK jobs and inflation data later this week for clues on the health of the domestic economy and direction of interest rates.
• A close below 1.8970 (23.6% fib), is likely to trigger a new bearish phase with potential for 1.8900.
• Technical signals are bearsih as RSI is at 48, 21, and 30 DMAs are trending down.
• Immediate resistance is located at 1.9056(30DMA), any close above will push the pair towards 1.9125(38.2%fib).
• Immediate support is seen at 1.8970 (23.6% fib) and break below could take the pair towards 1.8861 (Lower BB).
• Recommendation: Good sell around 1.9050, with stop loss of 1.9150 and target price of 1.8900
