FxWirePro : GBP/NZD stuck in range but maintains bearish bias

• GBP/NZD dipped on Tuesday   as   sterling was weighed down by concerns that BoE might guide to a less-hawkish path.

• The Bank of England is expected to hold interest rates steady at 5.25% on Thursday for the fourth time in a row.

•The attention will be on the BoE's updated growth and inflation estimates, which are expected to have an impact on both interest rates and foreign exchange markets.

• The pair is approaching to test  50%fib support. A break under    would unmask   2.0700 level in the short term.

• Immediate resistance is located at 2.0791 (38.2%fib), any close above will push the pair towards 2.0877(Jan 26th high).

• Immediate support is seen at 2.0654(50%fib ), break below could take the pair towards 2.0510 (61.8%fib).

Recommendation: Good to sell around 2.0710  with stop loss of 2.0900  and target price of 2.0640