• GBP/NZD steadied on Tuesday as investor awaited upcoming Bank of England monetary policy meeting .
• The Bank of England meeting, which is expected to result in a 0.25-percentage-point rise in interest rates on Thursday, is the big event of the week for sterling..
• The pair is currently approaching resistance at 38.2%fib. A break and daily close above will accelerate further gains towards 1.9550 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 60 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9441 (38.2%fib), any close above will push the pair towards 1.9534 (Higher BB).
• Strong support is seen at 1.9371(5DMA) and break below could take the pair towards 1.9255 (50%fib)
Recommendation: Good to buy around 1.9400 with stop loss of 1.9280 and target price of 1.9550
