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FxWirePro:GBP/NZD rallies to 2-week high, maintains bullish bias

• GBP/NZD rose sharply  as GBP  benefited from weaker  kiwi dollar after a single COVID case threw the New Zealand into lockdown again  on Tuesday.

• The is pair heading towards the 1.9965 (Higher BB), as near term direction of the pair is likely to be driven by current price action.  

• Technical are strongly bullish, daily RSI is positive at 56, daily momentum studies  9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.9877 (23.6%fib ), any close above will push the pair towards 1.9965 (Higher BB).

• Strong support is seen at 1.9800 (38.2%fib) and break below could take the pair towards 1.9778(21DMA).

Recommendation: Good to buy   around 1.9840, with stop loss of 1.8750 and target price of 1.9950


 

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