• GBP/ NZD rebounded on Thursday as dip buying emerged following the Bank of England's decision to maintain steady rates and resisted rate cuts in early 2024
• The Bank of England decided to keep interest rates unchanged and emphasized the necessity of maintaining higher interest rates for a prolonged duration.
• Technical highlight upside risks. The 5- and 9-day moving averages lend support, daily RSI is rising .
• Immediate resistance is located at 2.0622 (50%fib), any close above will push the pair towards 2.0659(50DMA).
• Support is seen at 2.0458 (38.2%fib) and break below could take the pair towards 2.0274(23.6%fib).
Recommendation: Good to buy around 2.0550, with stop loss of 2.0410 and target price of 2.0660
