- GBP/NZD has been trading a falling wedge formation and has resumed downside after multiple rejections at wedge top.
- The pair finds strong resistance at 2.0740 levels. Only breaks above will see upside.
- On the data front, focus will be on BoE meeting and the final inflation data for Euroland.
- Bank of England is expected to be on hold with a unanimous vote given the focus on the upcoming Brexit vote.
- Pound found some upward momentum on Tuesday as the UK’s inflation rate edged higher from 0.3% to 0.5%, increasing hopes of a nearer term interest rate rise from the BoE.
- Downside finds immediate support at 2.050, 2.035 and then 2.00.
Recommendation: Good to sell rallies around 2.0650/2.0700, SL: 2.0745, TP: 2.0500/2.0450/2.0350
