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FxWirePro :GBP/NZD stuck in range but maintains bullish bias

• GBP/NZD steadied on Monday  as above-target UK inflation and expectaions  BoE hikes are likely to remain

• GBP/NZD traded in a 2.1266 -2.1358  range on Monday. The pair was trading up 0.02 percent at 2.1326  

• Technicals are favouring bullish  sentiment as RSI has turned lower and the pair is trading below   5 & 9-DMAs.

• Immediate resistance is located at 2.1461 (23.6%fib), any close above will push the pair towards 2.1478 (Aug )

• Support is seen at 2.1234 (38.2% fib) and break below could take the pair towards 2.11977 (5DMA).

Recommendation: Good to buy    around 2.1310 with stop loss of 2.1450 and target price of 2.1380

 

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