• GBP/NZD dipped on Wednesday as higher commodities prices benefited Australian dollar but downside was limited as investors focused on BoE hikes .
• GBP/NZD remains bullish, only a break and daily close below at 1.9834(38.2%fib) will shift bias to the downside.
• Technicals are favouring bullish sentiment as RSI is at 68 and the pair is trading above 11 & 21-DMAs.
• Immediate resistance is located at 2.0026 (Daily high ), any close above will push the pair towards 2.0135 (23.6%fib).
• Strong support is seen at 1.9962(38.2%fib) and break below could take the pair towards 1.9893(14DMA).
Recommendation: Good to buy around 2.0010 with stop loss of 1.9900 and target price of 2.0100
