FxWirePro:GBP/AUD rebounds, critical resistance lies ahead
• GBP/NZD strengthened on Friday as rally was triggered by hawkish BoE's hawkish tone on interest rate.
• Markets brought forward their expectations for rake hike after the BoE on Thursday lifted its forecast for inflation and two of its policymakers called for an immediate halt to its 895 billion pound purchase programme.
• A daily close above the 1.9492 ( 38.2%fib) will further improve the technical outlook, and open the possibility of a rally towards 1.9550.
• Immediate resistance is located at 1.9492 ( 50%fib), any close above will push the pair towards 1.9563 (Higher BB).
• Immediate support is seen at 1.9378 38.2%fib) and break below could take the pair towards 1.9328 (Lower BB).
Recommendation: Good to buy around 1.9460, with stop loss of 1.9380 and target price of 1.9550