FxWirePro: GBP/NZD extends gains, faces 23.6% fib resistance
• GBP/NZD strengthened on Monday as sterling was boosted after BoE broadbent's speech.
•Sterling strengthened after the BoE’s Broadbent said Britain’s tight labour market was likely to be a more persistent source of inflation.
• GBP/NZD remains bullish, only a break and daily close above 1.9425 (50%fib) will shift bias to the downside.
•Technical are bearish, daily RSI is negative at 69, daily momentum studies 5 and 9 DMAs are trending up.
•Immediate resistance is located at 1.9060(23.6%fib), any close above will push the pair towards 1.9732(Higher BB).
•Strong support is seen at 1.9566(5DMA) and break below could take the pair towards 1.9562(38.2%fib).
Recommendation: Good to buy around 1.9600, with stop loss of 1.9480 and target price of 1.9710