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FxWirePro:GBP/ NZD attracts buying interest as BoE rate hike looms

• GBP/ NZD rose sharply  on Friday as the pair attracted buyers ahead of BoE meeting next week.

•The BoE meets on Aug 3 and, right now, traders are leaning more towards a rate increase of 25 basis points, but still see a 25% chance of another half-point rise

• A rally towards 2.0950 is   possible if  GBP/ NZD bulls overcome resistance at 23.6%fib.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 58,while moving averages and MACD are trending higher.

• Immediate resistance is located at 2.0900 ( 23.6%fib), any close above will push the pair towards 2.0953 (Higher BB).

• Immediate support is seen at 2.0762 (5DMA) and break below could take the pair towards 1.20704 (38.2%fib).

Recommendation: Good to buy around 2.0860, with stop loss of 2.0760and target price of 2.0950

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