• GBP/NZD dipped on Friday as sterling was weighed down by a resurgent dollar and weakness in the British economy.
• Data released on Tuesday showed that British unemployment ticked up to 3.9% in the three months to March, adding downward pressure on sterling
• Technicals are favouring bearish sentiment as RSI is at 40 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9966 (38.2% fib), any close above will push the pair towards 2.0089 (21DMA)
• Strong support is seen at 1.9774(50% fib)and break below could take the pair towards 1.9667(Lower BB).
Recommendation: Good to sell around 1.9840 with stop loss of 1.9960 and target price of 1.9780
