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• GBP/NZD rebounded sharply on Wednesday as New Zealand's dollar slipped after the RBNZ signaled it was done tightening after raising rates by 25 basis points.
• GBP/NZD has seen a 1.9851-2.0300 range on Wednesday, chart points to an overshoot above 2.0300.
• Technical are strongly bullish , daily RSI is bullish at 61, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.0300 (Daily high ), any close above will push the pair towards 12.0345 (23.6% fib).
• Strong support is seen at 2.0150 (38.2%fib) and break below could take the pair towards 2.0058 (May 2nd low)
Recommendation: Good to buy around 2.0260, with stop loss of 2.0100 and target price of 2.0340
