• GBP/NZD rose higher on Thursday as broad kiwi dollar weakness and BoE's rate hike expectation boosted the pair.
• At GMT 22:23, the pair was trading 0.11% higher at 2.0053, highest since 19th Aug 2021.
• GBP/NZD bullish structure is supported by rate markets indicating a 74% chance for a full 25bp rate hike after the BoE's Feb meeting.
• Technical signals are bullish as RSI is at 65, daily momentum studies 5,9,21 DMA are trending north.
• Immediate resistance is located at 2.0078(38.2% fib ), any close above will push the pair towards 20130(Au 17th 2020 high).
• Strong support is seen at 1.20000 (Psychological level) and break below could take the pair towards 1.9953 (50%fib).
Recommendation: Good to buy on dips around 2.0030 with stop loss of 1.9900 and target price of 2.0150.
