FxWirePro: GBP/NZD neutral in the near-term, scope for downward resumption

• GBP/NZD initially gained on hopes of hawkish BoE on Thursday but gains eased after the Fed delivered a widely expected rate hike while presenting more aggressive projections for future increases. 

•The Bank of England meets on Thursday and markets expect it to raise rates by another quarter point.

• Beyond the BoE meeting, Thursday brings U.S. housing starts, jobless claims, Philly Fed and industrial production.

• Bears are waiting for a daily close under 1.9219 (38.2%fib), a break will increase the odds of a deeper fall to toward 1.9000.

• Immediate resistance is located at 1.9255( 5DMA), any close above will push the pair towards 1.9363 ( 50%fib).

• Strong support is seen at 1.9219 (38.2%fib) and break below could take the pair towards 1.9033 (23.6%fib).

 Recommendation: Good to sell around  1.9240, with stop loss of 1.9350 and target price of 1.9100