• GBP/NZD declined on Thursday as traders focused on dovish signals from the Bank of England.
• BoE Governor Andrew Bailey said that the bank nearer to ending its run of interest rate increases but borrowing costs might still have further to rise because of inflation pressures.
• The pair failed to break support at 50%fib and pulled back towards 2.1205.
• Technical signals are bearish as RSI trending lower, daily momentum studies 5,9,21 DMA are trending south.
• Immediate resistance is located at 2.1258 (5DMA ), any close above will push the pair towards 1.21330 (38.2%fib).
• Strong support is seen at 2.1152 (50%fib) and break below could take the pair towards 2.1112 (Lower BB).
Recommendation: Good to sell around 2.1210 with stop loss of 2.1350 and target price of 2.1140
