FxWirePro:GBP/NZD rallies to 2-week high, good to buy on dips
• GBP/ NZD rose sharply on Friday as possibly vaccine-resistant coronavirus variant spooked global financial markets.
• GBP/ NZD rose from 1.9403 to hit daily high at 1.9603, 200 pip range is the biggest the pair has seen in one month.
• Bulls have tightened their grip after registering a close above the 1.9531(23.6%fib),scope grows for bigger gains towards 1.9700.
• Technical signals are strongly bullish as RSI is bullish at 67, 5, 9,11 DMAs are trending up.
• Immediate resistance is located at 1.9614(Daily high), any close above will push the pair towards 1.9690 (11 Oct high).
• Immediate support is seen at 1.9531(23.6%fib) and break below could take the pair towards 1.9421 (38.2%fib).
Recommendation: Good buy around 1.9550, with stop loss of 1.9440 and target price of 1.9640