• GBP/NZD declined on Monday as rise in commodity prices boosted the commodity-price sensitive New Zealand dollar.
•The pair hit daily low at 1.8820 and was last trading at 1.8857 at (GMT 20:16).
•GBP/NZD bears have tightened their grip on this market,A break, daily close under 1.8839 (23.6%fib ) could deepen losses.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 29 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 1.8982 (14DMA),any close above will push the pair towards 1.9013 (38.2 % fib ).
• Immediate support is seen at 1.8839 (23.6% fib) and break below could take the pair towards 1.8758 (Lower BB ).
Recommendation: Good to sell below 1.8870, with stop loss of 1.8980 and target price of 1.8800
