• GBP/NZD initially gained on Tuesday after data showed British house prices jumped unexpectedly in February but gave up ground after hawkish message from Fed’s Powell .
• Federal Reserve Chair Jerome Powell said the U.S. central bank is likely to raise rates. Money markets currently see 21% chance of 50 bps Fed rate hike March 23.
• A rally towards is 1.9500 possible if GBP/NZD bulls overcome resistance at 1.9427(38.2%fib).
• Technical signals show the pair could gain more ground in the short-term as RSI is at 54 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9427(38.2%fib), any close above will push the pair towards 1.9463 (March 6th high).
• Strong support is seen at 1.9335 (50% fib) and break below could take the pair towards 19274 (21DMA )
Recommendation: Good to buy around 1.9300 with stop loss of 1.9200 and target price of 1.9410
