• GBP/NZD initially rose on Wednesday but rally fizzled as markets digested hawkish remarks from Bank of England Governor Andrew Bailey .
• Bank of England Governor Andrew Bailey said last week's rise in interest rates reflected a resilient economy and unexpectedly persistent inflation.
• GBP/NZD rally stalled at 23.6% fib and pressure now shifts to the downside.
• Immediate resistance is located at 2.0804 (23rd June high),any close above will push the pair towards 2.0879 (23.6 % fib ).
• Immediate support is seen at 2.0668(38.2% fib) and break below could take the pair towards 2.0609 (11DMA )
Recommendation: Good to sell around 2.0800, with stop loss of 2.0900 and target price of 2.0720
