• GBP/NZD dipped on Thursday as selling was sparked in the pair after the Bank of England held interest rates steady.
•The BoE left borrowing costs unchanged at 5.25% .BoE decision adding to a feeling among investors that the next move in borrowing costs will be down.
• At GMT 18:21, the pair was trading down 0.41 percent at 2.0701 after reaching daily low at 2.0624.
• Technicals are favouring bearish sentiment as RSI is at 48 and the pair is trading below 11,14, 21-DMAs.
• Immediate resistance is located at 2.0782 (Daily high), any close above will push the pair towards 2.0810 (38.2%fib)
• Support is seen at 2.0619 (23.6%fib ) and break below could take the pair towards 2.0506 (Oct 16th Oct ).
Recommendation: Good to sell around 2.0710, with stop loss of 2.0800 and target price of 2.0620.
