• GBP/NZD dipped on Monday as improved risk appetite and higher commodities prices boosted commodity linked kiwi dollar .
• Underlying trend for the pair remains bearish. A break below 1.9282 (50%fib) might spur increased downward momentum.
• Technicals are trending down as daily RSI is at 47, daily momentum studies 5, 9 and 10 DMAs are pointing southwards.
• Immediate resistance is located at 1.9349 ( 5 DMA), any close above will push the pair towards 1.9475 (38.2%fib).
• Strong support is seen at 1.9282 (38.2%fib) and break below could take the pair towards 1.9182 (Lower BB).
Recommendation: Good to sell on rallies around 1.9300, with stop loss of 1.9380 and target price of 1.9230.
