• GBP/NZD rebounded from earlier losses on Monday as sterling bulls looked ahead to Bank of England’s rate decision later in the week.
•In the wake of the Fed, Investors are pinning their hopes on Thursday's BoE meeting, looking to the MPC to keep pace with the Fed in terms of policy normalization planning.
• The pair hit daily high at 1.9931 and was last trading at 1.9918 at (GMT 18:04).
• Technicals are favouring bullish sentiment as RSI is at 65 and the pair is trading above 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9947 (23.6% fib), any close above will push the pair towards 1.2000(Psychological level).
• Strong support is seen at 1.9861 (38.2% fib)and break below could take the pair towards 1.9785 (50%fib).
Recommendation: Good to buy around 1.9915, with stop loss of 1.9800 and target price of 1.2040
