FxWirePro: GBP/NZD gains some ground but bias is still bearish

• GBP/NZD  edged higher on Monday   but gains were limited   ahead of Thursday's BoE meeting.

• The BOE faces renewed inflation risks from higher oil prices, just days after new Prime Minister Andy Burnham and finance minister John Healey took office.

•The Bank of England is widely expected to keep interest rates unchanged at 3.75% on Thursday, despite the recent surge in oil prices above $100 a barrel driven by the U.S.-Iran conflict.

• On Thursday, Bailey is expected to emphasize that the BoE will closely monitor wage growth and underlying inflation, rather than price pressures driven by higher energy costs.

• Investors will also look to U.S. second-quarter GDP data and the Fed's preferred inflation gauge, core PCE inflation, this week for more clues on the health of the world's biggest economy.

• Immediate resistance is located at 2.3176(61.8%fib), any close above will push the pair towards 2.3186(SMA20).

• Immediate support is seen at 2.2950(50%fib) and break below could take the pair towards 2.2803(Lower BB).

Recommendation: Good to sell around 2.3070 , with stop loss of 2.3150 and target price of 2.3000