•GBP/NZD trimmed its earlier gains on Wednesday after hot UK consumer inflation data raised new worries over an economic slowdown.
•GBP/NZD has been consolidating of late on expectations that the BoE would accelerate near-term rate hikes.
•The pair stalled ahead of key resistance, a break above 23.6% fib would likely take the pair upside towards.
•Technical signals are bullish as RSI is at 56, daily momentum studies 5, 9 and 10 DMAs are trending north.
•Immediate resistance is located at 1.9537 (Higher BB ), any close above will push the pair towards 1.9614(23.6% fib).
•Strong support is seen at 1.9406 (5DMA) and break below could take the pair towards 1.9376(38.2% fib).
Recommendation: Good to buy on dips around 1.9460, with stop loss of 1.9360 and target price of 1.9580.
