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- Major resistance- 2.17532
- GBP/NZD has retreated after making a high of 2.175 on account of better than expected New Zealand trade surplus .
- New Zealand posted a trade surplus of $292 million in Apr, more than the $60 million expected driven by lower NZD and higher import volumes.
- GBP/NZD has declined till 2.15958 and slightly recovered from that level. Short term trend is slightly weak as long as support 2.1760 holds.
- Any break above 2.1760 will take the pair till 2.1796/2.1856.The minor resistance is around 2.169 (61.8% retracement of 2.1751 and 2.1595).
- On the lower side major support is around 2.1590 and break below targets 2.1490/2.4150.
It is good to sell on rallies around 2.1685-2.1690 with SL around 2.1760 for the TP of 2.1600
