FxWirePro : GBP/NZD rebounds, critical resistance lies ahead

• GBP/NZD initially dipped but recovered ground   as    investors reacted to  Bank of England rate decision.

• The Bank of England maintained interest rates at 5% on Thursday, with the Monetary Policy Committee voting 8-1 to keep rates unchanged..

• The sole dissenting vote for a quarter-point rate cut came from external member Swati Dhingra.

• The pair is approaching to test  38.2%fib resistence. A break above will  unmask   2.1400 level in the short term.

• Immediate resistance is located at 2.1356 (38.2%fib), any close above will push the pair towards 2.1434(Higher BB).

• Immediate support is seen at2.1196 (50%fib), break below could take the pair towards 2.1086 (61.8%fib)

Recommendation: Good to buy around 2.1280  with stop loss of 2.1200 and target price of 2.1400