• GBP/NZD initially declined on Wednesday after RBNZ raised interest rates but recovered sharply as investors reassessed the Bank of England's (BOE) rate outlook. • GBP/NZD initially dipped but found buyers at 1.9245, re…
• GBP/NZD initially declined on Wednesday after RBNZ raised interest rates but recovered sharply as investors reassessed the Bank of England's (BOE) rate outlook.
• GBP/NZD initially dipped but found buyers at 1.9245, recovery lifts the pair above 30DMA. A break and daily close above 38.2%fib will accelerate further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 52 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9442 (38.2%fib), any close above will push the pair towards 1.9572(24th May high).
• Strong support is seen at 1.9377 (30 DMA) and break below could take the pair towards 1.9268(50% fib ).
Recommendation: Good to buy around 1.9400, with stop loss of 1.9290 and target price of 1.9490
