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FxWirePro:GBP/NZD rebounds as dip buying emerge after BoE rate decision

• GBP/ NZD rebounded  on Thursday  as dip buying emerged following the Bank of England's decision to maintain steady rates and resisted rate cuts in early 2024

• The Bank of England decided to keep interest rates unchanged and emphasized the necessity of maintaining higher interest rates for a prolonged duration.  

• Technical   highlight upside risks. The 5- and 9-day moving averages lend support, daily RSI is rising  .  

• Immediate resistance is located at 2.0622 (50%fib), any close above will push the pair towards 2.0659(50DMA).

•  Support is seen at 2.0458 (38.2%fib) and break below could take the pair towards 2.0274(23.6%fib).

 Recommendation: Good to buy around 2.0550, with stop loss of 2.0410 and target price of 2.0660
 

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