FxWirePro: GBP/NZD trades range bound ahead of UK retails sales and BoE policy meet

• GBP/NZD is trading in a narrow range as markets await UK retail sales and BoE policy meet.
   
• Reserve Bank of New Zealand left interest rates at a record low 1.75 percent for a sixteenth-straight month earlier in the morning.
   
• The central bank reiterated that rates are unlikely to rise until the second half of 2019.
   
• UK retail sales data will hold the key for the BOE's vote decision which will be announced at 1200 GMT.
   
• Also, the speech by the BOE MPC member Ramsden will also remain in focus for fresh insights on the BOE’s rate decision.
   
• The pair is consolidating 'Symmetric Triangle' breakout, now targets 200W SMA at 1.98.
   
• Technical studies for the pair support upside, we see scope for further gains.
   
• The major is on track to test 200W SMA at 1.9807, breakout above could see further upside.
   
• Immediate support is seen at 5-DMA at 1.9455, break below could see weakness till 1.9230 (trendline).

Support levels - 1.9455 (5-DMA), 1.93, 1.9230 (trendline)

Resistance levels - 1.9807 (200-W SMA), 1.9838 (2017 high), 1.9995 (38.2% Fib retrace of 2.5318 to 1.6704 fall)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-NZD-extends-Symmetric-Triangle-breakout-eyes-200W-SMA-at-198-1214131) is progressing well.

Recommendation: Bias higher, stay long.

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