• GBP/NZD rose on Wednesday as the pair build on the gains from the previous day as investors digested Federal Reserve ‘s rate decision.
• The Fed cut its benchmark policy rate by 25 basis points to a range of 4.25% to 4.50%, with officials indicating that future rate cuts may pause next year due to a stable labor market and inflation.
•GBP/NZD bullish have tightened their grip on this market,a break, daily close above 23.6% fib could accelerate further gains.
• Technical signals are bullish as RSI at 73, daily momentum studies 11, 14 and 21DMA’s are trending up.
• Immediate resistance is located at 2.2395 (23.6% fib), any close above will push the pair towards 2.2476 (Higher BB)
• Strong support is seen at 22172 (38.2% fib)and break below could take the pair towards 2.2069(Daily low).
Recommendation: Good to buy around 2.2330 with stop loss of 2.2250 and target price of 2.2500
