• GBP/NZD dipped on Wednesday as investors ignored slightly RBNZ dovish statement which suggested a possible end to the monetary policy tightening cycle.
• The Reserve Bank of New Zealand (RBNZ) wrapped up its latest policy meeting by keeping rates at 5.5% as expected, ending a run of 12 increases that lifted rates by a total 525 basis points.
• At GMT 17:05, the pair was trading down 1.27 percent at 2.6010.
• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below 11 & 21-DMAs.
• Immediate resistance is located at 2.0700(38.2% fib), any close above will push the pair towards 2.0806 (38.2% fib)
• Support is seen at 2.6010(Daily low) and break below could take the pair towards 2.528 (50% fib).
Recommendation: Good to sell around 2.0620, with stop loss of 2.0690 and target price of 2.0510
