• GBP/NZD edged up Tuesday but gains were limited as investors proceeded cautiously due to uncertainties surrounding both the BoE monetary policy and the domestic political environment.
• Pair traded in 2.0728 /2.0791 range and was last trading at 2.0783 into the US afternoon.
• Technical signals are bearish as RSI is at 44, daily momentum studies 5,9 and 10 DMAs are trending down.
• Immediate resistance is located at 2.0812 ( 38.2%fib), any close above will push the pair towards 2.0871 (50% fib)
• Strong support is seen at 2.0725 (23.6%fib ) and break below could take the pair towards 2.0674 (Lower BB).
Recommendation: Good to sell around 2.0880, with stop loss of2.0960 and target price of 2.0800
