• GBP/NZD slipped lower on Monday as investors awaited UK employment data for further impetus.
• The UK will release its May employment report on Tuesday. Job growth, which has been contracting, is expected to have fallen by 100,000 in the three months to April.
• Technical signals show the pair could lose more ground as RSI is lower at 39, and 5 and 9 DMA’s are trending south.
• Immediate resistance is located at 2.0836( 50%fib), any close above will push the pair towards 2.0931 (61.8%fib).
• Immediate support is seen at 2.0750 (38.2%fib) and break below could take the pair towards 2.0624(23.6%fib).
Recommendation: Good to sell round 2.0770, with stop loss of 2.0890 and target price of 2.0700
