• GBP/NZD declined on Monday as upbeat New Zealand retail sales data boosted kiwi across the board.
• New Zealand retail sales volumes rose a seasonally adjusted 2.5 percent in the first quarter, data from Statistics New Zealand showed on Monday, putting sales 6.8 percent higher on the year.
• Selling pressure will remain in the short-term, only a move above 1.9746 ( Daily high) strong resistance will shift the bias higher.
• Technical signals show the pair could lose more ground as RSI is turning sharply lower, and 5 and 9 DMA’s are trending south.
• Immediate resistance is located at 1.9639 ( 38.2%fib), any close above will push the pair towards 1.9746 ( Daily high).
• Immediate support is seen at 1.9577 (11DMA) and break below could take the pair towards 1.9506 (50%fib).
Recommendation: Good to sell round 1.9640, with stop loss of 1.9700 and target price of 1.9540
