FxWirePro :GBP/NZD uptrend gains GBP benefits from ECB accommodation and upbeat US CPI data

• GBP/NZD initially dipped on Thursday but reversed course  after the ECB reaffirmed its accommodative stance and   unexpectedly strong U.S. inflation. 

• The pair rebounded from 1.9600 to 1.9671 after the ECB stated that short-term inflation gains would be temporary.

• Technical signals highlight upside   trend as daily  RSI  rising at 57, a daily bull hammer is forming   and GBP/NZD is trading above the 5-DMA and 9DMA. 

• Immediate resistance is located at 1.9694 (38.2%fib), any close above will push the pair towards 1.9771 (23.6%fib).

• Immediate support is seen at 1.9640 (50%fib ) and break below could take the pair towards 1.9579 (61.8%fib).

Recommendation: Good to buy  around 1.9670, with stop loss of 1.9585 and target price of 1.9740.