• GBP/NZD dipped on Monday as traders focus on upcoming data ahead of key central bank meetings..
•The Bank of England is widely expected to keep interest rates unchanged at its policy meeting next week, as policymakers balance stubbornly high inflation with signs of a slowing economy.
• The UK is scheduled to release monthly GDP, industrial production, and trade data on Friday, providing a key snapshot of the economy’s performance.
• 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 2.2924 (SMA 20), any close above will push the pair towards 2.3014 (38.2% fib)
• Strong support is seen at 2.2714 (50% fib)and break below could take the pair towards 2.2677 (Lower BB).
Recommendation: Good to sell around 2.2750 with stop loss of 2.2850 and target price of 2.2650
