• GBP/NZD slipped lower on Monday as drop was aided by weak US may ISM manufacturing PMI data.
• The U.S. Institute for Supply Management (ISM) said its purchasing managers index (PMI) for manufacturing fell to 48.7 in May, from 49.2 in April.
• At GMT 16:14, the pair was trading down 0.29 percent at 2.0681 after reaching daily low at 2.0650.
• Technical signals show the pair could lose more ground as RSI is lower at 39, and 5 and 9 DMA’s are trending south.
• Immediate resistance is located at 2.0760( 50%fib), any close above will push the pair towards 2.0760 ( May 31st high).
• Immediate support is seen at 2.0649 (38.2%fib) and break below could take the pair towards 2.0512(50%fib).
Recommendation: Good to sell round 2.0700, with stop loss of 2.0850 and target price of 2.0630
