• GBP/NZD retreated from daily high on Wednesday as the pair gains faded ahead of BoE interest rate decision.
• The pound trimmed earlier gains against the kiwi dollar , the pair was last trading at 0.02% at 1.9709
• Technical signals are bullish as RSI is at 62, daily momentum studies 5, 9 and 10 DMAs are trending north.
• Immediate resistance is located at 1.9789 (23.6%fib ), any close above will push the pair towards 1.9832(Higher BB).
• Strong support is seen at 1.9635 (23.6% fib) and break below could take the pair towards 1.9583(9DMA).
Recommendation: Good to buy on dips around 1.9680 with stop loss of 1.9570 and target price of 1.9780.
