• GBP/NZD declined on Monday as bears retained control ahead of upcoming Bank of England's (BoE) meeting.
• BoE will maintain the current interest rate, expecting a vote split of 1-7-1. The BoE’s forward guidance will be a critical aspect, especially if there's a shift from the current tightening stance.
• The pair is approaching to test 50%fib support. A break under would unmask 2.0700 level in the short term.
• Immediate resistance is located at 2.0783 (38.2%fib), any close above will push the pair towards 2.0856 (Jan 30th high).
• Immediate support is seen at 2.0725 (50%fib ), break below could take the pair towards 2.0603 (61.8%fib).
Recommendation: Good to sell around 2.0730 with stop loss of 2.0900 and target price of 2.0650
