• GBP/ NZD strengthened on Wednesday as sterling was boosted by above-target UK inflation data.
• UK CPI data boosted hawks advocating another 50 bps BoE hike next month.
• Today’s rise has passed through the 38.2%fib fibonacci retrace point at 1.9131 and now eyes the 23.6%fib at 1.9202.
• Immediate resistance is located at 1.9173 (Jan 17th high), any close above will push the pair towards 1.9202 (23.6%fib).
• Support is seen at 1.9131 (38.2%fib) and break below could take the pair towards 1.9101 (14DMA).
Recommendation: Good to buy around 1.9180, with stop loss of 1.9100 and target price of 1.9250
