• GBP/NZD initially gained on Thursday but reversed course after BoE delivered a smaller hike.
• The BoE raised its Bank Rate by 50 basis points (bps) in a split vote as it attempts to bring sky-high inflation back down towards its 2% target
• The is pair heading towards the 23.6%fib, as near term direction of the pair is likely to be driven by current price action.
•Technical signals are bearish as RSI is heading down at 47 , daily momentum studies 5, 9 and 11 DMAs are trending down.
•Immediate resistance is located at 1.9243 (21DMA ), any close above will push the pair towards 1.9399 (38.2%fib).
•Strong support is seen at 1.9162(23.6%fib) and break below could take the pair towards 1.9035 (Lower BB).
Recommendation: Good to sell on around 1.9200, with stop loss of 1.9300 and target price of 1.9100
