• GBP/NZD edged higher on Monday but gains as investors awaited Bank of England’s upcoming interest rate decision.
• The main driver for movement in the GBP/NZD currency pair this week will be the Bank of England's (BoE) upcoming interest rate decision, scheduled for release on Thursday.
• The central bank is widely expected to keep interest rates on hold.Bailey and other top officials will hold a news conference at 1130 GMT on May 9th.
• GBP/NZD remains vulnerable, only a break and daily close above 50% fib will shift bias to the upside.
• Immediate resistance is located at 2.0912 (38.2% fib), any close above will push the pair towards 2.0980 (50% fib).
• Strong support is seen at 2.0825 (23.6% fib) and break below could take the pair towards 2.0783(Lower BB).
Recommendation: Good to sell on around 2.0900, with stop loss of 2.1000 and target price of 2.0820
