• GBP/NZD gained on Thursday as GBP benefited from signs of resilience in the UK economy.
• Signs of cooling inflation and a still robust labour market have raised hopes the UK economy will avoid a recession this year
• GBP/NZD remains bullish, only a break and daily close 1.9663 (%DMA) will shift bias to the downside.
• Technicals are favouring bullish sentiment as RSI is at 64 and the pair is trading above 11 & 21-DMAs.
• Immediate resistance is located at 1.9916 (23.6%fib ), any close above will push the pair towards 1.9969(Higher BB).
• Strong support is seen at 1.9749(38.2%fib) and break below could take the pair towards 1.9664(21DMA).
Recommendation: Good to buy around 1.9880, with stop loss of 1.9800 and target price of 1.9970
