FxWirePro: GBP/NZD regains upwards momentum but unable to hold above 5 -DMA

• GBP/NZD strengthened on Thursday as weaker kiwi dollar benefited bulls  but  the gains were  capped   by 5DMA resistance.

• Pair traded in   2.0781  /2.0597  range ,a close above 5DMA, will trigger a new bullish phase with potential for 2.0885.

• Technical signals are bullish as RSI is at 51, daily momentum studies  5,9 and 10 DMAs are trending up. 

•  Immediate resistance is located at 2.0781  ( 5DMA), any close above will push the pair towards 2.0884  (23.6%fib).

• Strong  support is seen at 2.0712(38.2%fib ) and break below could take the pair towards 2.0590(50%fib).

Recommendation: Good to buy  around 2.0720 , with stop loss of 2.0620 and target price of 2.0800