FxWirePro:GBP/NZD neutral in the near term, scope for downward resumption
• GBP/NZD initially gained on Friday but gave up ground as disappointing UK retail sales data weighed on sterling.
• UK retail sales fell unexpectedly again last month in what is now a record series of monthly declines, official data showed on Friday.
• At GMT 21:26, the pair was trading up 0.04 percent at 1.9488 after reaching daily high at 1.9565.
• Technicals are favouring bearish sentiment as RSI is at 44 and the pair is trading below 11 & 21-DMAs.
• Immediate resistance is located at 1.9529(38.2% fib), any close above will push the pair towards 1.9541 (38.2%fib)
• Support is seen at 1.9459 (50% fib) and break below could take the pair towards 1.9396 (61.8% fib).
Recommendation: Good to sell around 1.9490, with stop loss of 1.9560 and target price of 1.9400.