• GBP/NZD declined on Wednesday as rise in commodity prices boosted the commodity-price sensitive New Zealand dollar.
• The BoE policy announcement on Thursday will be the key event for sterling this week, with policymakers expected to raise interest rates for the fourth consecutive meeting
• The is pair heading towards the 50% fib resistance, as near term direction of the pair is likely to be driven by current price action.
• Immediate resistance is located at 1.9446 (38.2%fib ), any close above will push the pair towards 1.9492 (Higher BB).
• Strong support is seen at 1.9254 (50%fib) and break below could take the pair towards 1.9121(30DMA).
Recommendation: Good to sell around 1.9280 with stop loss of 1.9350 and target price of 1.9180
