• GBP/ NZD initially gained on Tuesday but surrender some gains as doubts crept into hawkish BoE outlook .
• GBP/ NZD is likely to remain under pressure due to uncertainty into the Bank of England rate decision and ongoing friction with the European Union, backed by a weak technical outlook.
• The pair rebound attempts found sellers. Todays spike up was rejected by the downtrend line and 9DMA.
• Technical are bearish, daily RSI is negative at 34, daily momentum studies 5 and 9 DMAs are trending down.
• Immediate resistance is located at 1.9155 ( 50% fib), any close above will push the pair towards 1.9235 (61.8% fib).
• Immediate support is seen at 1.9078 (38.2% fib) and break below could take the pair towards 1.8984 (23.6% fib).
• Recommendation: Good to sell around 1.9120, with stop loss of 1.9220 and target price of 1.9030
