FxWirePro: GBP/NZD runs out of steam but maintains bullish outlook
• GBP/NZD strengthened on Wednesday ,but bulls encountered increasing difficulty maintaining recent gains as the pair found strong resistance at 1.9728(23.6%fib). • Bid is holding on pullback to 1.9707 and run towards th…
• GBP/NZD strengthened on Wednesday ,but bulls encountered increasing difficulty maintaining recent gains as the pair found strong resistance at 1.9728(23.6%fib).
• Bid is holding on pullback to 1.9707 and run towards the 1.9805 (April 1st high)is high likely.
• Technical signals are bullish as RSI is trending up at 62, daily momentum studies 5, 9 and 10 DMAs are pointing upwards.
• Immediate resistance is located at 1.9730 ( 23.6%fib), any close above will push the pair towards 1.9780(Higher BB).
• Strong support is seen at 1.9600 (38.2%fib) and break below could take the pair towards 1.9563 (5DMA).
Recommendation: Good to buy around 1.9670 with stop loss of 1.9560 and target price of 1.9800.
