• GBP/NZD initially gained on Monday but reversed course ahead of RBNZ interest rate decision on Wednesday.
The RBNZ is expected to keep its official cash rate unchanged at 5.5%, as it has been since the last adjustment in May.
• At GMT 18:45, the pair was trading down 0.06 percent at 2.0701 after reaching daily high at 2.0786 .
• Technicals are favouring bearish sentiment as RSI is at 47 and the pair is trading below 5,11 & 21-DMAs.
• Immediate resistance is located at 2.0740 (11DMA), any close above will push the pair towards 2.0830 (38.2%fib)
• Support is seen at 2.0676 (23.6% fib) and break below could take the pair towards 2.0599 (21st Nov).
Recommendation: Good to sell around 2.0700, with stop loss of 2.0800 and target price of 2.0600
