• GBP/NZD dipped on Tuesday as bears retained control ahead of RBNZ policy decision.
• It's widely expected that the Reserve Bank of New Zealand (RBNZ) will maintain the current interest rate at 5.5%
• GBP/NZD drops swiftly from 2.0994 . Break lower at 38.2% fib risks run towards 2.0850 level.
• Technical are bearish, daily RSI is lower at 49, daily momentum studies 9 and 14 EMAs are trending down.
• Immediate resistance is located at 2.0986 (Daily high), any close above will push the pair towards 2..1120 (23.6% fib).
• Strong support is seen at 2..0906 (38.2% fib)and break below could take the pair towards 2..0790 (March 15th low).
Recommendation: Good to sell around 2.940, with stop loss of 2..1100, and target price of 2.0830
