FxWirePro:GBP/NZD consolidates above 1.9750 after early fall, maintains bullish bias
• GBP/NZD rose higher on Friday as solid demand on recent dips toward low 1.9634 helped inflate the pair towards 1.9788.
• GBP /NZD bulls have to contend with strong resistance at 1.9866 (23.6%fib). If GBP /NZD longs overcome that level, tests of 1.9900 (Psychological level) resistance is likely.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 67 bullish, daily momentum studies 5, 9 DMAs are trending higher.
•Resistance Levels : 1.9866 (23.6%fib) , 1.9900 (Psychological level), 1.9982 (29th May high)
• Support Levels: 1.9692 (38.2% fib), 1.9634(9 DMA), 1.9568( 50%fib)
Recommendation: Good to on dips around 1.9750, with stop loss of 1.9500 and target price of 1.9900