• GBP/NZD initially dipped on Thursday but pulled back on market expectations of further aggressive rate hikes from the Bank of England .
• GBP/NZD reaches 2.0655 after recovering from 2.0517 (38.2% fib), A rally towards is possible if 2.0800 bulls overcome resistance at 23.6% fib.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 54 bullish, daily momentum studies 21, 30 and 50 DMAs are trending up.
• Immediate resistance is located at 2.0712 (23.6% fib),any close above will push the pair towards 2.0843 (Higher BB).
• Immediate support is seen at 2.0627(30DMA) and break below could take the pair towards 2.0517(38.2% fib)
Recommendation: Good to sell below 2.0660, with stop loss of 2.0560 and target price of 2.0750
