• GBP/ NZD traded in tight ranges on Monday as traders looked ahead to a Bank of England (BoE) meeting on Thursday .
• Recent data has shown a drop in UK employment levels and further weakness among businesses, cementing hopes for a rate pause.
• Money markets are betting on a 94% chance that the BoE will keep rates steady this week.
• Technical signals are slightly bullish as RSI is at 54 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 2.0890 ( 38.2% fib), any close above will push the pair towards 2.0960(24th Oct high).
• Immediate support is seen at 2.0815 (11DMA) and break below could take the pair towards 2.0764 (50% fib).
Recommendation: Good to buy around 2.0830 , with stop loss of 2.0650 and target price of 2.0900
