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FxWirePro : GBP/NZD rebounds, critical resistance lies ahead

• GBP/NZD rose sharply on Friday as lower commodities  prices and Yuan weakness   weighed on Australian dollar.

• At GMT 17:34, the pair was trading up 1.27 percent  at 2.0116 after reaching daily high at 2.0154.

• Technicals are bullish as RSI is at 54 and the pair is trading below   5 & 11-DMAs.

• Immediate resistance is located at 2.0151 (23.6 fib), any close above will push the pair towards 2.0250(May 4th high)

• Support is seen at 2.0044 (11DMA ) and break below could take the pair towards 1.9922 (38.2%  fib).

Recommendation: Good to buy  around 2.0090, with stop loss of 1.9900 and target price of 2.0180

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