• GBP/ NZD rose above 1.9500 as focus shifts to BoE decision on interest rate.
• The Bank of England is expected to lift borrowing costs by a bigger 50 basis points to 1.75% on Thursday as it battles soaring inflation.
• Pair traded in 1.9548/1.9434 range and was last trading at 1.9514.
• Technical signals are bullish as RSI is at 61, daily momentum studies 5,9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.9563 (Higher BB), any close above will push the pair towards 1.9662(23.6%fib).
• Support is seen at 1.9502 (38.2% fib ) and break below could take the pair towards 1.9382 (30DMA).
• Recommendation: Good to buy around 1. 9500, with stop loss of 1. 9350 and target price of 1. 9610
