• GBP/ NZD retreated from recent trend highs on Wednesday as markets paused before Fed Minutes.
• Recent bullish momentum is likely to resume as investors looking out for any hints on further action it could take in September. But no change in policy rates is expected.
• Any downside correction is likely to be temporary as barrier at 1.9772 (50% fib) is set to restricting lower move.
• Immediate resistance is located at 1.9932 ( 38.2% fib), any close above will push the pair towards 2.0120 (23.6% fib).
• Immediate support is seen at 1.8386 (14 DMA) and break below could take the pair towards 1.9772 (50% fib).
Recommendation: Good to buy around 1.9920, with stop loss of 1.9770 and target price of 2.0030
