• GBP/NZD initially dipped on Friday but recovered some ground as investors booked profits ahead of weekend.
•Bank of England (BoE) will likely hike its main interest rate by 25 basis points on Sept. 21 to its highest in more than 15 years.
• The pair remains weak and might fall towards 2.0800 due to recession fears in the UK despite more hawkish BoE rate path.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 43 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 2.1079 (38.2 % fib),any close above will push the pair towards 2.1157 (9DMA ).
• Immediate support is seen at 2.0937 (50% fib) and break below could take the pair towards 2.0849 (Aug 2nd low)
Recommendation: Good to sell below 2.1000, with stop loss of 2.1100 and target price of 2.0900
