• GBP/NZD declined on Tuesday as investors looked ahead to Reserve Bank of New Zealand (RBNZ) policy meeting.
•The RBNZ is widely expected to hold the OCR at 5.50%. The focus will be on the bank's Monetary Policy Statement (MPS) and its forecast profile for the OCR.
• The pair is currently approaching support at 1.9948 (23.6%fib). A break and daily close below will accelerate trend further lower towards 1.9850 level.
• Technical signals are bearish as RSI is lower at 48, moving averages are heading south.
• Immediate resistance is located at 2.0740 ( 9DMA), any close above will push the pair towards 2.0740 ( 38.2% fib).
• Immediate support is seen at 2.0625 (23.6%fib) and break below could take the pair towards 2.0567(Lower BB).
Recommendation: Good to sell around 2.0700, with stop loss of 2.0800 and target price of 2.0650
