• GBP/NZD rose higher on Friday as profit-taking on short positions aided subsequent climb towards 1.9350.
• The pair rose above 1.9300 and is approaching 38.2%fib resistance. A close below will opens up 1.9450 level
• Technical signals are bullish as RSI is at 51, daily momentum studies 5,9 and 11 DMA’s are trending up.
• Immediate resistance is located at 1.9387 (38.2%fib ), any close above will push the pair towards 1.9462 (Aug 2nd high).
• Strong support is seen at 1.9315 (11DMA) and break below could take the pair towards 1.9260 (50%fib).
Recommendation: Good to buy on dips around 1.9330 with stop loss of 1.9200 and target price of 1.9410.
