• GBP/NZD declined on Tuesday as increased risk appetite supported New Zealand dollar against pound .
• The Reserve Bank of New Zealand (RBNZ) holds its next policy meeting on July 12 and is widely expected to hold rates at 5.5%.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 46 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 2.0593 (21DMA),any close above will push the pair towards 2.0667 (23.6 % fib ).
• Immediate support is seen at 2.0433(50% fib) and break below could take the pair towards 2.0383 (Lower BB )
Recommendation: Good to sell below 2.0530, with stop loss of 2.0650 and target price of 2.0470
