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FxWirePro:GBP/NZD loses momentum but outlook is bullish

• GBP/ NZD initially gained  on Thursday but gave  up ground  as investors digested Fed, ECB meetings and looked ahead for BoE.

• The ECB meeting has passed, the market will likely quickly switch its focus to the BoE meeting next week.

• The pound  erased Wednesday’s gains against the kiwi dollar , the pair was last down  at 0.64% at  2.0698 

• Technical signals  are  bullish as RSI is at 54 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 2.0743 ( 38.2% fib), any close above will push the pair towards 2.0851 (Daily high).

• Immediate support is seen at 2.0684(21DMA) and break below could take the pair towards 2.0609 (50% fib).

Recommendation: Good to buy around 2.0690 , with stop loss of 2.0550  and target price of 2.0790
 

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