• GBP/NZD strengthen on Tuesday as the pair attracted buyers ahead of keenly awaited the BoE's monetary policy meeting on Thursday.
• The Bank of England is expected to keep rates on hold at 5.25%, traders are likely to focus on the accompanying monetary policy report, in particular the growth and inflation forecasts.
• Pair traded in 2.0838/2.0957 range ,a close above 38.2%fib, will trigger a new bullish phase with potential for 2.1000
• Technical signals are bullish as RSI is at 59, daily momentum studies 5,9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.0890 ( 38.2%fib), any close above will push the pair towards 2.0950 (Oct 24th high)
• Strong support is seen at 2.0820(11DMA ) and break below could take the pair towards 2.0782 (50%fib).
Recommendation: Good to buy around 2.0870 , with stop loss of 2.0750 and target price of 2.0950
