FxWirePro:GBP/NZD sustains Friday's losses, as downtrend builds

• GBP/NZD declined    on Monday as  sterling continued to weaken on last weeks Bank of England's dovish stance.   

• The BOE kept rates on hold last week   the first meeting at which it had done so since December 2021   on the back of signs economic growth is slowing.

• GBP/NZD  drops swiftly from 2.0574 and is approaching  2.0475  (23.6%fib)support level. Break lower risks run towards 2.0350 level

• Technicals are favouring bearish sentiment as RSI is at 24 and the pair is trading below   5,10 & 11-DMAs.

• Immediate resistance is located at 2.0569(38.2%fib), any close above will push the pair towards 2.0686 (50%fib).

• Immediate support is seen at 2.0425  (23.6%fib), break below could take the pair towards 2.0372 (June 14th low).

Recommendation: Good to sell around 2.0460  with stop loss of 2.0650   and target price of 2.0350