• GBP/NZD recovered some ground on Tuesday but gains were limed as investors focused on upcoming RBNZ Interest rate decision.
• Economists polled forecast the Reserve Bank of New Zealand would leave its official cash rate (OCR) at 5.50% on Oct. 4.
• GBP/NZD remains well below 14DMA ,daily close below increase the scope for much bigger drop.
• Technical signals are bearish as RSI is lower at 32, moving averages are trending down.
• Immediate resistance is located at 2.0456(50%fib), any close above will push the pair towards 2.0597( 14DMA).
• Immediate support is seen at 2.0329 (38.2%fib) and break below could take the pair towards 2.0277 (28th Sep).
Recommendation: Good to sell around 2.0480, with stop loss of 2.0580 and target price of 2.0400.
