• GBP/ NZD gained on Wednesday as sterling was supported by above-forecast UK inflation data.
• Sterling has benefited from above-forecast and 30-year inflation high that bolstered BoE rate hike expectations.
• Bulls have tightened their grip after registering a close above the 1.9961 (38.2%fib),scope grows for bigger gains towards 2.0200
• Technical signals are strongly bullish as RSI is bullish at 69, 5, 9,11 DMAs are trending up.
• Immediate resistance is located at 2.0137 (23.6%fib), any close above will push the pair towards 2.0210 (Higher BB).
• Immediate support is seen at 2.0013 (5DMA) and break below could take the pair towards 1.9961 (38.2%fib).
Recommendation: Good buy around 2.0050, with stop loss of 1.9950 and target price of 2.0100
