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FxWirePro:GBP/ NZD grinding higher as frustrated shorts pare back after BoE's rate hike decision

• GBP/ NZD initially dipped on Thursday  but gave recovered ground as market digested  expected BoE's 25 bps rate hike.

• The central bank raised rates to 1.25%, the highest since January 2009, and stuck to more gradual approach as it warned that UK's economy would shrink in the April-June period. 

• At GMT 19:04, the pair was trading up 0.12 percent  at  1.9407.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 51while moving averages are trending higher. 

• Immediate resistance is located at 1.9447(38.2%fib), any close above will push the pair towards 1.9550(Higher BB).

• Immediate support is seen at 1.9341 (11DMA) and break below could take the pair towards 1.9251 (23.6%fib).

Recommendation: Good to buy around 1.9390, with stop loss of 1.9250  and target price of 1.9500
 

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