• GBP/NZD dipped on Monday but losses were limited as focus shifted to RBNZ policy decision.
• It's widely expected that the Reserve Bank of New Zealand (RBNZ) will maintain the current interest rate at 5.5%, given that inflationary pressures are notably above the desired rate of 2%.
• The is pair heading towards 2.0900, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI has turned lower, daily momentum studies 9 and 14 EMAs are trending down.
• Immediate resistance is located at 2..1006 (9EMA), any close above will push the pair towards 2..1116 (April 3rd).
• Strong support is seen at 2..0936 (38.2% fib)and break below could take the pair towards 2..0891 (March 19th low).
Recommendation: Good to sell around 2.1000, with stop loss of 2..1100, and target price of 2.0900
