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FxWirePro: GBP/NZD exhibits some upward momentum but still bearish

• GBP/NZD strengthened on  Monday but gains were limited as investors focused data releases and central bank meetings, notably the Bank of England's (BoE) meeting.

• The BoE's last policy meeting of 2023 is scheduled for this Thursday. The current Bank Rate, which is 5.25%, a 15-year high, is largely expected to remain unchanged by market participants.

• GBP/NZD remains vulnerable, only a break and daily close above 21DMA will shift bias to the upside.

• Immediate resistance is located at 2.0575(38.2% fib), any close above will push the pair towards 2.0635 (21DMA).

• Strong support is seen at 2.0463 (Daily low) and break below could take the pair towards 2.0400 (23.6%fib).

Recommendation: Good to sell on  around 2.0530 with stop loss of 2.0650   and target price of 2.0430
 

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