• GBP/ NZD extended its yesterday’s bounce as New Zealand dollars nursed painful losses on Thursday.
• GBP/ NZD remains bullish as the it continues to trade well above 38.2% fibo, expectation is growing for eventual gains towards 1.9850.
• Technical signals are bullish as RSI is heading up at 68 daily momentum studies 5, 9 and 11 DMAs are trending up .
• Immediate resistance is located at 1.9769 (Daily high), any close above will push the pair towards 1.9807 (23.6% fib).
• Immediate support is seen at 1.9628(300DMA) and break below could take the pair towards 1.9585 (38.2%fib).
• Recommendation: Good to buy around 1.9720, with stop loss of 1.9670 and target price of 1.9850
