• GBP/NZD declined on Tuesday as falling COVID-19 trend in New Zealand boosted kiwi dollar.
• Kiwi dollar rose against pound as lockdowns in the country were seen successfully lowering new COVID-19 infections.
• Selling pressure will remain in the short-term, only a move above 1.96333 (50%fib) strong resistance will shift the bias higher.
• Technical signals show the pair could lose more ground as RSI is at 36 bearish, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.9563(38.2%fib), any close above will push the pair towards 1.96333 (50%fib).
• Immediate support is seen at 1.9481 (23.6%fib) and break below could take the pair towards 1.9421 (14th May low).
Recommendation: Good to sell round 1.9520, with stop loss of 1.9640 and target price of 1.9450
