• GBP/NZD dipped on Friday after data showed consumer morale fell to its lowest level in 16 months and retail sales unexpectedly declined.
• The Office for National Statistics said February retail sales fell 0.3% from January as stormy weather prevented some shoppers from heading out.
• Meanwhile,UK consumer confidence fell to its lowest level since November 2020 in March on concerns over inflation and the war in Ukraine.
• Technical signals show the pair could lose more ground as RSI is at 26 bearish, and 5, 9,11 DMA’s are trending south.
• Immediate resistance is located at 1.8985 (5DMA), any close above will push the pair towards 1.9080 (38.2%fib).
• Immediate support is seen at 1.8901 (23.6%fib ) and break below could take the pair towards 1.8722 (Lower BB).
Recommendation: Good to sell around 1.8930 with stop loss of 1.9050 and target price of 1.8750.
