FxWirePro:GBP/NZD rebounds, critical resistance lies ahead

• GBP/NZD   recovered from earlier decline on Thursday as bets on a faster economic rebound in Britain, driven by its rapid vaccination supported sterling.

• The pair is currently approaching resistance at 1.9723 (23.6% fib ). A break would further accelerate gains towards 1.9800 level.

• Technical signals are bullish as RSI is at 62, daily momentum studies  5 ,9 DMA’s are trending higher. 

• Immediate resistance is located at 1.9723 ( 23.6%fib), any close above will push the pair towards 1.9803( Higher BB).

• Immediate support is seen at 1.9603 (38.2% fib) and break below could take the pair towards 1.9559 (9DMA).

 Recommendation: Good to buy around 1.9690 with stop loss of 1.9580 and target price of 1.9770.