• GBP/NZD dipped on Tuesday as market attention focused on the BOE rate decision.
• Attention later this week turns to the Bank of England decision, with rates expected to stay on hold and markets watching for signals of future hikes..
• Money markets have been highly sensitive to the Iran war, with rising energy prices lifting inflation fears and prompting traders to ramp up bets on Bank of England rate hikes..
• Markets also kept domestic politics in focus, with Keir Starmer facing criticism over appointing Peter Mandelson as U.S. ambassador, while upcoming local elections are set to increase pressure on him.
• Immediate resistance is located at 2.3012 (SMA 20), any close above will push the pair towards 2.3092 (61.8% fib).
• Strong support is seen at 2.2876(50% fib) and break below could take the pair towards 2.2790Lower BB).
Recommendation: Good to sell around 2.2980, with stop loss of 2.2350 and target price of 2.2900
