FxWirePro: GBP/NZD rebounds sharply as the pair benefits from mood shift and dovish RBNZ statement

• GBP/NZD staged a sharp recovery on Wednesday and is back above resistance at 38.2% retracement at 2.0326.
 
• GBP/NZD rise was sparked by hopes of a global economic rebound resulting from easing lockdown restrictions and dovish RBNZ statement.

•The pair hit daily high at 2.0451 and was last trading at 2.0397 at (GMT 18:31).  

• The pair is expected to trade higher in the short-term unless and until it closes significantly below 2.0326 (38.2% fib).
 
• Technical signals show the pair could gain more ground in the short-term as RSI is at 53 bullish, and lower bollinger band is turning up. 

• Immediate resistance is located at 2.0463 ( 50% fib), any close above will push the pair towards 2.0602 (61.8% fib).

• Immediate support is seen at 2.0326 (38.2% fib) and break below could take the pair towards 2.0157 (23.6% fib).

Recommendation: Good to buy around 2.0310, with stop loss of 2.0160 and target price of 2.0440