• GBP/NZD dipped sharply lower on Thursday after Bank of England kept UK rates at a 16-year high of 5.25% .
• Bank of England kept its main interest rate unchanged, but the prospect of a future rate cut moved closer as some policymakers said their thinking was now finely balanced
• Underlying trend for the pair remains bearish. A break below 2.0770 support might spur increased downward momentum.
• Technicals are favouring bearish sentiment as RSI heading down and the pair is trading below 5,9 & 11-DMAs.
• Immediate resistance is located at 2.0770 ( 38.2%fib), any close above will push the pair towards 2.0864 (Jun 10th high).
• Strong support is seen at 2.0619 (23.6%fib) and break below could take the pair towards 2.0582(Lower BB).
Recommendation: Good to sell around 2.0700, with stop loss of 2.0770 and target price of 2.0620
