• GBP/NZD declined on Thursday as the pair dipped amid growing concerns of a recession.
• Investors also pondered how interest-rate hike bets by the Bank of England will worsen the recession outlook in Britain
•The Bank of England (BoE) is expected to raise bank rate by 50 basis points to 3.50% next week despite the economy moving towards recession.
• The pair is approaching to test 23.6%fib support. A break under would unmask 1.9100 level in the short term.
• Immediate resistance is located at 1.9208 (9DMA), any close above will push the pair towards 1.9321 (38.2%fib).
• Immediate support is seen at 1.9149 (23.6%fib ), break below could take the pair towards 1.9082 (Lower BB).
Recommendation: Good to sell around 1.9180 with stop loss of 1.9280 and target price of 1.9120
