FxWirePro:GBP/NZD uptrend gains momentum but hurdles ahead

• GBP/ NZD strengthened on Monday but gains were limited as  investors positioned ahead of Tuesday's UK CPI release and the BoE's rate announcement on June 20.

• UK CPI to be released on Tuesday will set the tone for the BoE announcement and presser on Thursday.  

• GBP/ NZD approached to test resistance 2.0761 (38.2%fib)  but   retreated as   the pair lost strength.

•  Technical signals are bearish as RSI is at 46, daily momentum studies  5,9 and 10 DMAs are trending down. 

• Immediate resistance is located at 2.0761 (38.2%fib), any close above will push the pair towards 2.0865(50%fib).

•  Support is seen at 2.0647(23.6%fib) and break below could take the pair towards 2.0605 (Lower BB).

 Recommendation: Good to sell around 2.0730, with stop loss of 2.0920 and target price of 2.0630