FxWirePro: GBP/NZD extends drop, 23.6% fib support

• GBP/NZD declined on Tuesday as sterling attracted sellers  ahead of the Bank of England's policy announcement scheduled for Thursday.

• A survey of economists polled   expects the BoE to keep interest rates unchanged when it announces its decision on Thursday.

 • Financial markets are now only fully pricing in a first BoE rate cut in September and the chances of a second move by the end of the year are seen as little more than 50-50. 

• GBP/NZD remains vulnerable, only a break and daily close above 50% fib will shift bias to the upside.

• Immediate resistance is located at 2.0951 (38.2% fib), any close above will push the pair towards 2.1057(50% fib).

• Strong support is seen at 2.0825 (23.6% fib) and break below could take the pair towards 2.0783(Lower BB).

Recommendation: Good to sell on  around 2.0850, with stop loss of 2.0950  and target price of 2.0760