FxWirePro: GBP/NZD positions for another climb, eyes 1.9850 level

• GBP/NZD declined on Thursday as sterling ran out of steam after Bank of England Governor Andrew Bailey warned of an overreaction to rising inflation in the UK. 

• GBP/NZD drops from 1.9805 (Daily high), slide halts after finding support at  1.9699 (50%fib).

• GBP/NZD remains bullish,  a close above 1.9792( 38.2%fib), will likely trigger a new bullish phase with potential for 1.9900 level.

• Immediate resistance is located at 1.9792( 38.2%fib), any close above will push the pair towards 1.9901 (23.6%fib).

• Strong support is seen at 1.9699 (50%fib) and break below could take the pair towards 1.9616 (61.8%fib).

 Recommendation: Good to buy around  1.9740, with stop loss of 1.9650 and target price of 1.9850