FxWirePro: GBP/NZD consolidates 200-DMA breakout, on track to test 61.8% Fib, stay long

GBP/NZD chart on Trading View used for analysis

• GBP/NZD hits 16-week highs at 1.9512 before paring some gains to close at 1.9424 on Wednesday's trade.
   
• The pair is consolidating 200-DMA breakout, bias still bullish.
   
• Price has broken major trendline resistance at 1.9125. Technical studies support upside in the pair. 
   
• RSI is at 64, bias higher. Stochs show momentum is with the bulls. MACD is showing a bullish crossover on signal line.
   
• Next major bull target lies at 61.8% Fib at 1.9574. Further upside can see test of 76.4% Fib at 2.0.
   
• We see weakness on retrace and close below 200-DMA. Weakness till 1.90 then likely.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-NZD-200-DMA-breakout-good-to-go-long-on-dips-1503725) has hit TP1/2.

Recommendation: Book partial profits at highs. Stay long for further gains.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.