• GBP/NZD initially dipped on Wednesday but recovered some ground as investors digested RBNZ rate hike decision.
• New Zealand's central bank raised interest by 50 basis points (bps) to a more than 14-year high of 5.25% on Wednesday in a move that surprised markets.
• Selling pressure will remain in the short-term, only a move above 1.9878 ( April 4th high) strong resistance will shift the bias higher.
• Immediate resistance is located at 1.9784 (38.2%fib), any close above will push the pair towards 1.9878(April 4th high B).
• Immediate support is seen at 1.9747 (9DMA) and break below could take the pair towards 1.9657 (50%fib).
Recommendation: Good to sell round 1.9730 with stop loss of 1.9850 and target price of 1.9660
