• GBP/NZD held above 1.9550 on Friday as sterling was aided by BoE rate hike steer.
• The pound rallied from 1.9460 to 1.9610, regaining above the 5-day moving average at 1.9518 and 50%fib at 1.9551.
• Today's close above the 5-DMA has allowed bulls to consider another run at 1.9650 (38.2%fib), A close above would strengthen the pairs bullish hold further.
• Technical signals are bullish as RSI is at 60, daily momentum studies 5, 9 DMA’s are trending up.
• Immediate resistance is located at 1.9650 (38.2%fib), any close above will push the pair towards 1.9700( Psychological level).
• Immediate support is seen at 1.9551 (50%fib) and break below could take the pair towards 1.9518 (5DMA).
Recommendation: Good to buy around 1.9560, with stop loss of 1.9460 and target price of 1.9620.
