• GBP/NZD dipped on Tuesday after data showed British private-sector economic activity fell at its fastest rate in two years in January.
• The S&P Global/CIPS flash composite Purchasing Managers' Index (PMI) dropped to 47.8 in January from 49.0 in December.
• At GMT 15:41, the pair was trading down 0.67 percent at 1.8935 .
• Technicals are favouring bearish sentiment as RSI is at 41 and the pair is trading below 11 & 21-DMAs.
• Immediate resistance is located at 1.9096 (14DMA), any close above will push the pair towards 1.9207(38.2% fib)
• Support is seen at 1.8914(23.6% fib) and break below could take the pair towards 1.8834(Lower BB).
Recommendation: Good to sell around 1.8940, with stop loss of 1.9050 and target price of 1.8850.
