FxWirePro: GBP/NZD runs out of steam but maintains bullish outlook

• GBP/NZD after initially gaining  the pair gave some ground as investors assessed   UK  rate cut procspect.

•The Bank of England is expected to cut interest rates by 25 basis points on Thursday. On the same day, markets will get a reading of Britain's PMI figures for January.

• In an up-and-down session, the pair hit high at 2.2227 in early trading then fell  towards 2.2023.

• Technical signals bullish as RSI is up at 59, daily momentum studies are 9, and 11 DMAs are trending up.

• Immediate resistance is located at 2.2020 (38.2%fib), any close above will push the pair towards 2.2219 (Higher BB).

• Strong support is seen at 2.2023 (50%fib) and break below could take the pair towards 2.21864 (61.8%fib)

Recommendation: Good to buy around 2.2080 with stop loss of 2.1950  and target price of 2.2260