• GBP/NZD declined on Tuesday as risk appetite was harmed by worries about growth in China and the fast-spreading Delta coronavirus variant.
• Investors focus now turns to U.S. consumer inflation data due on Wednesday, which could provide more cues on the timing of the Fed's bond-purchase taper.
• At GMT 20:40, the pair was trading down 0.27 percent at 1.9738 after reaching daily low at 1.9713.
• Technical are bearish, daily RSI is negative at 48, daily momentum studies 11and 14 DMAs are trending down.
• Immediate resistance is located at 1.9774 (5DMA), any close above will push the pair towards 1.9817 (38.2%fib).
• Immediate support is seen at 1.9739 (50%fib ) and break below could take the pair towards 1.9660 (61.8%fib).
Recommendation: Good to sell around 1.9750, with stop loss of 1.9860 and target price of 1.9650.
