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FxWirePro:GBP/NZD consolidates above 1.9600,maintains bullish bias

• GBP/NZD strengthened on Wednesday as broad New Zealand  dollar weakness helped the pound shrug off weak UK inflation data.

• At GMT 15:05, the pair was trading 0.04% higher at 1.9660, slightly lower from session high at 1.9696

• Any downside correction is likely to be temporary as barrier at 1.9471 (38.2%fib) is set to restricting lower move.

• Technical signals are bullish as RSI is at 66, daily momentum studies  5,9,21 DMA are trending north. 

• Immediate resistance is located at 1.9705 (23.6%fib ), any close above will push the pair towards 1.9796(19 Oct 2020 high).

• Immediate support is seen at 1.9590 (Daily low) and break below could take the pair towards 1.9480 (38.2%fib).

Recommendation: Good to buy on dips around 1.9610 with stop loss of 1.9500 and target price of 1.9750.
 

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