• 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