FxWirePro:GBP/NZD drops to intra-day low after shying away from 1.9860

• 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.