FxWirePro: GBP/NZD neutral in the near-term, scope for downward resumption

• GBP/NZD recovered some ground from initial decline on Tuesday as  investors focused on the  upcoming BoE policy meeting.

• The BoE’s MPC will meet on 17th March and there has been a wide consensus of another hike of 25bps being delivered at that meeting.

• GBP/NZD   recovers towards  above 1.9240 and holds near the day's high in late US session. 

• Bulls will need a clear 1.9431 ( 50% fib)to take greater control, failure to break higher will spur fresh downward momentum.

• Immediate resistance is located at 1.9290 (38.2%fib), any close above will push the pair towards 1.9441 ( 50% fib).

• Immediate support is seen at 1.9103 (23.6%fib) and break below could take the pair towards 1.9000(Psychological level).

 Recommendation: Good to sell around 1.9240, with stop loss of 1.9440 and target price of 1.9100.