• GBP/ NZD rose sharply on Friday as the pair attracted buyers ahead of BoE meeting next week.
•The BoE meets on Aug 3 and, right now, traders are leaning more towards a rate increase of 25 basis points, but still see a 25% chance of another half-point rise
• A rally towards 2.0950 is possible if GBP/ NZD bulls overcome resistance at 23.6%fib.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58,while moving averages and MACD are trending higher.
• Immediate resistance is located at 2.0900 ( 23.6%fib), any close above will push the pair towards 2.0953 (Higher BB).
• Immediate support is seen at 2.0762 (5DMA) and break below could take the pair towards 1.20704 (38.2%fib).
Recommendation: Good to buy around 2.0860, with stop loss of 2.0760and target price of 2.0950
