• GBP/ NZD initially gained on Tuesday but rally fizzled as investors geared up for key policy decisions from the U.S. Federal Reserve and Bank of England this week.
• The Bank of England's policy decision is due on Thursday, with traders seeing a 30% chance of a 50-basis-point increase.
• The pair attempted to breach resistance at 38.2% fib and dipped towards 1.9280 level . A decisive break closure above 38.2% fib could generate further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 61 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9326 ( 38.2% fib), any close above will push the pair towards 1.9366 (Higher BB).
• Immediate support is seen at 1.9202 (50% fib) and break below could take the pair towards 1.9152 (9DMA).
Recommendation: Good to buy around 1.9250, with stop loss of 1.9180 and target price of 1.9400
