• GBP/NZD dipped on Thursday as softening labour market and stagnating economy kept bearish pressure on pound.
• Data on Tuesday showed Britain’s jobless rate rose to 3.9% in the three months to March, while basic pay increased 6.7%, below expectations in a poll
• Technicals are favouring bearish sentiment as RSI is at 46 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9962 (11DMA), any close above will push the pair towards 2.0035(38.2% fib)
• Strong support is seen at 1.9884(50% fib)and break below could take the pair towards 1.9783 (May 11th low).
Recommendation: Good to sell around 1.9900 with stop loss of 2.0050 and target price of 1.9820
