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FxWirePro:GBP/NZD runs out of steam but maintains bullish outlook

• GBP/ NZD steadied on Wednesday    as UK consumer inflation stayed in double-digit territory, boosting bets for one more rate hike from the BoE at its May monetary policy meet. 

• On Tuesday data showed British wages rose faster than anticipated last month, further supporting more hikes by the BoE.

• GBP/ NZD  bulls have to contend with strong resistance at 2.0119. If GBP/ NZD  longs overcome that level rise towards 2.0200 is likely .  

• Immediate resistance is located at 2.0119(Daily high), any close above will push the pair towards 2.0181(Higher BB).

•Support is seen at 1.9977(38.2%fib) and break below could take the pair towards 1.9904(14DMA).

 Recommendation: Good to buy around 2.0040, with stop loss of 1. 9940 and target price of 2.0120

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