FxWirePro:GBP/NZD inches higher but setup is negative

• GBP/ NZD erased earlier gains on Monday,  as bulls remained wary after the dovish tone that accompanied the BoE's latest 25bp rate hike .

• Earlier gains in the pair  were helped by steadier stocks and upcoming  panel discussion from Bank of England Governor Andrew Bailey and finance minister Rishi Sunak's spring statement.

 • GBP/ NZD remains vulnerable, only a break and daily close above 1.9355 (50% fib) will shift bias to the upside.

• Technicals are favouring bearish sentiment as RSI is at 30 and the pair is trading below   5,10 & 11-DMAs. 

• Immediate resistance is located at 1.9129 (5DMA), any close above will push the pair towards 1.9204 (38.2%fib).

• Strong support is seen at 1.9029 (23.6% fib)and break below could take the pair towards 1.9000 (Psychological level).

Recommendation: Good to sell  around 1.9115, with stop loss of 1.9220 and target price of  1.9050