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• GBP/NZD dropped sharply on Thursday as a dovish Bank of England rate cut heightened expectations of further cuts.
• The BoE cut rates to 4.5% as expected, though two policymakers advocated for a larger rate cut.
• Traders are now expecting 63 basis points in rate reductions by the end of the year from around 60 bps before the meeting.
• Technicals are favouring bearish sentiment as RSI is at 48 and the pair is trading below 11,14 & 21-DMAs.
• Immediate resistance is located at 2.2023(50% fib), any close above will push the pair towards 2.1238 (Higher BB)
• Strong support is seen at 2.1888(38.2% fib)and break below could take the pair towards 2.1693(23.6% fib).
Recommendation: Good to sell around 2.1940, with stop loss of 2.1990 and target price of 2.1820
