• GBP/NZD declined on Tuesday as doubts grow about the utility of BoE rate hikes expected next year amid an energy crunch and economic bottlenecks.
•Bank of England Governor Andrew Bailey reiterated the tightening bias on Monday but also said monetary policy should not respond to supply shocks that do not affect inflation expectations.
•At GMT 20:13, the pair was trading down 0.31 percent at 1.9452 after reaching daily low at 1.9418.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 45 bearish, daily momentum studies 5, 10 and 21 DMAs are trending down.
• Immediate resistance is located at 1.9565 (50%fib),any close above will push the pair towards 1.9643 (50DMA ).
• Immediate support is seen at 1.9446 (38.2% fib) and break below could take the pair towards 1.9311(23.6% fib).
Recommendation: Good to around 1.9460, with stop loss of 1.9550 and target price of 1.9360
