FxWirePro: GBP/NZD beginning to trend higher but hurdle ahead

• GBP/NZD strengthened on Thursday  as the pair   recovered  from early dip as traders seeked further clarity on BoE rate expectations.

• Changing expectations of central banks' rate policies has brought currency volatility back in recent weeks and the pound has been a victim  across the board.

• The GBP erased Wednesday's losses against the kiwi dollar , the pair was last up  at 0.10% at  2.1071.

• From a technical viewpoint, RSI  is strongly bullish at 57, daily momentum studies, 5, 10 and 11 daily  SMAs are pointing higher.

• Immediate resistance is located at 2.1088 (38.2%fib), any close above will push the pair towards 2.1165 (March 29th high).

• Immediate support is seen at 2.1008 (SMA 9) and break below could take the pair towards 2.0987 (50%fib).

Recommendation: Good to buy on dips around 2.1060, with stop loss of 2.0950 and target price of 2.1130