FxWirePro: GBP/NZD chart points recovery in coming sessions, good to buy on dips
• GBP/NZD initially dipped on Wednesday but recovered some ground after the release of the minutes of the U.S. Federal Reserve's latest policy meeting. • The pair eased a bit following the release of the minutes, then re…
• GBP/NZD initially dipped on Wednesday but recovered some ground after the release of the minutes of the U.S. Federal Reserve's latest policy meeting.
• The pair eased a bit following the release of the minutes, then reversed course and edged higher.
• Technically the GBP/NZD downtrend has stalled and the strong bearish trending signals have dissipated. A close above 50%fib would suggest a period of consolidation.
• Immediate resistance is located at 1.9695 ( 50%fib), any close above will push the pair towards 1.9750 ( 21DMA).
• Strong strong support is seen at 1.9611 (38.2% fib ) and break below could take the pair towards 1.9582 (Lower BB).
Recommendation: Good to buy around 1.9660, with stop loss of 1.9550 and target price of 1.9720
