FxWirePro: GBP/NZD holds big gains ahead of U.S. interest rate decision

• GBP/AUD rebounded   from early losses on Wednesday as buyers emerged ahead of FOMC event risk (1900 GMT).

•Markets expect the Fed to slow the pace of hikes when it announces its decision at 2:00 p.m. EST (1900 GMT) and raise its funds rate target range by 50 basis points to between 4.25% and 4.5%.

• The pair   hits 1.9260 (intra-day high) after extending north from 1.9125.

• From a technical viewpoint, the moving averages are pointing upwards, while the RSI  is strongly bearish at 51.

• Immediate resistance is located at 1.9296 (50% fib), any close above will push the pair towards 1.9354( Dec 6th high).

• Strong support is seen at 1.9166 (5DMA ) and break below could take the pair towards 1.9092 (38.2% fib).

Recommendation: Good to buy  around at 1.9230, with stop loss of 1.9100 and target price of 1.9300