• GBP/ NZD dipped on Wednesday as sterling attracted sellers ahead of Thursdays BoE meeting.
• The BoE will have its turn on Thursday, and any signs of diminished hawkishness could prompt sterling to resume its slide against kiwi dollar.
• The is pair heading towards the 23.6%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical signals are bearish as RSI is heading down at 46 , daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.9063(5DMA), any close above will push the pair towards 1.9107 (38.2%fib).
• Strong support is seen at 1.9001(23.6%fib) and break below could take the pair towards 1.8932(Lower BB).
Recommendation: Good to sell around 1.9040, with stop loss of 1.9140 and target price of 1.8940
