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FxWirePro: GBP/NZD maintains bullish bias with focus on 2.0700

Wednesday, May 31, 2023 10:55 PM UTC

• GBP/NZD retreated slightly towards 2.0655 on Wednesday as the cross pair failed to break resistance at 2.0680

• Despite today's GBP/NZD retreat from its highs, sterling bulls remain in control eyeing further gains versus the kiwi.

• Technical are bullish, daily RSI is positive at 58, daily momentum studies 5,9 and 11 DMAs are trending north.

• Immediate resistance is located at 2.0680 (23.6%fib), any close above will push the pair towards 2.0762 (Higher BB)

• Strong support is seen at 2.0517 (5DMA) and break below could take the pair towards 2.0413 (38.2%fib).

Recommendation: Good to buy around 2.0620 , with stop loss of 2.0500 and target price of 2.0700 .

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FxWirePro: GBP/NZD maintains bullish bias with focus on 2.0700

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