• GBP/ NZD extended its yesterday’s bounce as investors focus turned next weeks RBNZ meeting .
• The market is almost fully priced for a move to 1.5% next week, and favours 25 basis points in May.
• The pair attemptingto breach resistance at 1.9060 ( 50% fib) . A decisive break closure above could generate further gains.
• Any downside correction is likely to be temporary as barrier at 1.8909 (38.2% fib) is set to restricting lower move.
• Immediate resistance is located at 1.9060 ( 50% fib), any close above will push the pair towards 1.9196 ( 61.8% fib).
• Immediate support is seen at 1.8909 (38.2% fib) and break below could take the pair towards 1.8728 (23.6% fib).
Recommendation: Good to buy around 1.9020, with stop loss of 1,8840 and target price of 1.9100
