• GBP/ NZD strengthened on Monday as the pair attracted bids ahead of Bank of England decision later in the week.
• It's highly probable that the Bank of England will maintain the interest rates at 5.25% on Thursday. Officials are inclined to await further data, especially regarding wages and services.
• At GMT 17:09, the pair was trading up 0.07 percent at 2.0925 ,highest level since 24th Jan.
• Technical highlight upside risks for GBP/ NZD, with momentum studies, 5, 10 and 21 DMAs tracking north.
• Immediate resistance is located at 2.0981( 23.6% fib), any close above will push the pair towards 2.1088 (Higher BB).
• Immediate support is seen at 2.0866 (Daily low) and break below could take the pair towards 2.0798 (38.2% fib).
Recommendation: Good to buy around 2.0900, with stop loss of 2.0760 and target price of 2.1000
