• GBP/NZD declined on Monday as sterling continued to weaken on last weeks Bank of England's dovish stance.
• The BOE kept rates on hold last week the first meeting at which it had done so since December 2021 on the back of signs economic growth is slowing.
• GBP/NZD drops swiftly from 2.0574 and is approaching 2.0475 (23.6%fib)support level. Break lower risks run towards 2.0350 level
• Technicals are favouring bearish sentiment as RSI is at 24 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 2.0569(38.2%fib), any close above will push the pair towards 2.0686 (50%fib).
• Immediate support is seen at 2.0425 (23.6%fib), break below could take the pair towards 2.0372 (June 14th low).
Recommendation: Good to sell around 2.0460 with stop loss of 2.0650 and target price of 2.0350
