• GBP/NZD declined on Monday as traders booked profits ahead of month end and BoE meeting.
• Fears of a deep recession in the UK have diminished higher UK rate expectations. A dovish BoE outcome on Thursday, , could send the pound further lower
• Price slides to 1.9722 from 1.9978 Daily high. The pair has seen 256 pip range, on Monday
• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 49.
•Immediate resistance is located at 1.9794(50%fib ) , any close above will push the pair towards 1.7876 (5DMA).
• Immediate support is seen at 1.9580(38.2% fib ) and break below could take the pair towards 1.9844 (Lower BB ).
Recommendation: Good to around 1.9750, with stop loss of 1.9850 and target price of 1.9670
