• GBP/ NZD extended its last week bounce on Monday as focus shifted to Bank of England meeting.
•The Bank of England is expected to raise interest rates for the second time in as many months.
• Any downside correction is likely to be temporary as barrier at 2.0333 (38.2% fib) is set to restricting lower move.
•Immediate resistance is located at 2.0494 ( 23.6% fib), any close above will push the pair towards 2.0558 (Oct 19th 2019 high).
•Immediate support is seen at 2.0333 (38.2% fib) and break below could take the pair towards 2.0278 (5 DMA).
• Recommendation: Good to buy around 2.0400, with stop loss of 2.0300 and target price of 2.0550
