FxWirePro: GBP/NZD bears step aside ahead of BoE's monetary policy decision

• GBP/NZD strengthened  on Wednesday  but gains were limited as   investors digested a key inflation report ahead of Thursday's BoE meeting.

• The BoE meets on Thursday to discuss interest-rate policy, but is not expected to make any changes.

• Markets are pricing in an about 50% chance of a first rate cut by August and almost half a percentage point in monetary easing in 2024.

• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below   5,10 & 11-DMAs. 

• Immediate resistance is located at 2.0799 (38.2% fib), any close above will push the pair towards 2.0875( 50%fib).

• Strong support is seen at 2.0676 (23.6% fib)and break below could take the pair towards 2.0622 (Lower BB).

Recommendation: Be on Sidelines