• GBP/NZD initially dipped on Thursday but regained ground after the Bank of England (BoE) raised interest rates by a quarter percentage point as largely expected.
• The BoE raised its key interest rate to a 15-year peak of 5.25%, offering some respite to market participants who had been concerned about a larger rate hike.
• GBP/NZD remains bullish, only a break and daily close above 50%fib at 2.0707 will shift bias to the downside.
• Technicals are favouring bullish sentiment as RSI is at 60 and the pair is trading above 11 & 21-DMAs.
• Immediate resistance is located at 2.0970 (23.6%fib ), any close above will push the pair towards 2.1002 (Higher BB).
• Strong support is seen at 2.0825(38.2%fib) and break below could take the pair towards 2.0775(9DMA).
Recommendation: Good to buy around 2.0910, with stop loss of 2.0800 and target price of 2.0980
