• GBP/NZD rose on Wednesday as less hawkish comments from U.S. Federal Reserve Chairman Jerome Powell boosted risk sentiment .
• At GMT 16:50, the pair was trading 0.64% higher at 1.9163 , higest level since Feb 6th.
• A rally towards 1.9250 is possible if GBP/NZD bulls overcome resistance 38.2%fib.
• Technical signals are bullish as RSI is rising at 53, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9160(38.2%fib), any close above will push the pair towards 1.9197 (Jan 31st high)
• Strong support is seen at 1.9050(50%fib) and break below could take the pair towards 1.9032 (5DMA).
Recommendation: Good buy around 1.9150, with stop loss of 1.9050 and target price of 1.9250.
