• GBP/NZD declined below 2.0500 level on Tuesday as sterling’s bearish streak continued on Bank of England's dovish stance.
• The Bank of England has concluded its tightening cycle and will likely keep the Bank Rate at 5.25% until at least July.
• Bears are on course to force a daily close 23.6%fib support ,that would open the pathway to much bigger losses towards 2.0350 level
• Technicals are favouring bearish sentiment as RSI is at 24 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 2.0517(5DMA), any close above will push the pair towards 2.0504 (38.2%fib).
• Immediate support is seen at 2.0401 (23.6%fib), break below could take the pair towards 2.0337 (Lower BB).
Recommendation: Good to sell around 2.0440 with stop loss of 2.0650 and target price of 2.0330
