• GBP/NZD initially dipped on Monday but recovered ground as diverging UK-U.S. rates supported the pair .
• The BoE has raised interest rates 11 times in a row with its next meeting set for May.
• The pair was trading was last trading at 1.9713 after hitting daily high at 1.9771.
• Technicals are favouring bullish sentiment as RSI is at 57 and the pair is trading above5, 11 & 14-DMAs.
• Immediate resistance is located at 1.9780(23.6% fib), any close above will push the pair towards 1.8843 (March 30th high)
• Support is seen at 1.9688(14DMA) and break below could take the pair towards 1.9634(38.2% fib).
Recommendation: Good to buy around 1.9710, with stop loss of 1.9600 and target price of 1.9780
