• GBP/NZD declined on Monday as positive risk sentiment boosted the New Zealand dollar, leading to weakening of the British pound against the kiwi dollar .
• Traders are anticipating New Zealand’s Trade Balance data and the PBoC interest rate decision on Tuesday for new market direction.
• The pair has seen 2.1427 from 2.1264 range on Monday , chart points to an drop towards level 2.1200.
• Immediate resistance is located at 2.1427 (38.2%fib), any close above will push the pair towards 2.1503(Aug 15th high).
• Immediate support is seen at 2.1239(50%fib) and break below could take the pair towards 2.1069 (61.8%fib).
Recommendation: Good to sell round 2.1270, with stop loss of 2.1380 and target price of 2.1220
