FxWirePro:GBP/NZD key resistance capped, but charts point north

•GBP/NZD retreated on Thursday   as rising COVID-19 cases worldwide and the prospect of a looming Federal Reserve taper weighed on appetite.

• GBP/NZD remains bullish, only a break and daily close below 1.9877 (50% fib)will shift bias to the downside.

•Technical signals are bullish as RSI is at 61, daily momentum studies  5, 9 and 10 DMAs are trending north. 

•Immediate resistance is located at 1.20008 (23.6%fib ), any close above will push the pair towards 1.20078 (Higher BB).

•Strong support is seen at 1.9940 (38.2% fib) and break below could take the pair towards 1.9877 (50% fib).

Recommendation: Good to buy on dips around 1.9940, with stop loss of 1.9850 and target price of 1.20000