FxWirePro:GBP/NZD outlook weaker on renewed downside pressure

• GBP/NZD dipped on Friday as kiwi dollar rose after a red-hot inflation reading fuelled speculation that interest rates could rise as early as next month.

•The consumer prices index jumped 1.3% in the quarter to lift annual inflation to 3.3%, from 1.5% in the first quarter.

• At GMT 17:00, the pair was trading down 0.18 percent  at 1.8583 .

• Technicals are favouring bearish sentiment as RSI is at 45 and the pair is trading below   11 & 21-DMAs. 

• Immediate resistance is located at 1.9700 (50% fib), any close above will push the pair towards 1.9776 (61.8%fib).

• Support is seen at 1.9620 (23.6% fib) and break below could take the pair towards 1.9570 (Lower BB).

Recommendation: Good to sell  around 1.9635, with stop loss of 1.9700 and target price of 1.9550.