FxWirePro: GBP/ NZD succumbs to bearish forces after BoE’s dovish hold

• GBP/NZD  declined on Thursday as sterling was  negatively impacted by   a dovish message from the Bank of England on Thursday

• The pound pulled back from recent highs after the BoE kept its key interest rate at 4.75%, as expected, but with three policymakers voting to cut borrowing costs.

• The is pair heading towards the 38.2%fib, as near term direction of the pair is likely to be driven by current price action.  

• Immediate resistance is located at 2.2368 (23.6%fib ), any close above will push the pair towards 2.2535 (Higher BB).

• Strong support is seen at 2.2150(38.2%fib) and break below could take the pair towards 2.1978 (50%fib).

Recommendation: Good to sell on  around 2.2240 with stop loss of 2.2350 and target price of 2.2150