FxWirePro: GBP/NZD rebounds sharply as yield spike sours risk sentiment
• GBP/NZD staged a sharp recovery on Friday and is back above resistance at 50% retracement at 1.9163 .
• GBP/NZD rise was sparked by global bond whiplash,with riskier assets under pressure.
•The pair hit daily high at 1.9258 and was last trading at 1.9255 at (GMT 18:31). GBP/NZD has seen sufficient correction to allow resumption of uptrend.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 53 bullish, and moving averages have turned up.
• Immediate resistance is located at 1.9258 ( Daily high), any close above will push the pair towards 1.9320 (38.2% fib).
• Immediate support is seen at 1.9163 (50% fib) and break below could take the pair towards 1.9012 (61.8% fib).
Recommendation: Good to buy around 1.9240 , with stop loss of 1.9000 and target price of 1.9340