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FxWirePro:GBP/ NZD shorts look for key support Break after BoE rate hike,good to sell on rally

• GBP/NZD initially gained  on Thursday    but reversed course after  BoE delivered a smaller hike.

• The BoE raised its Bank Rate by 50 basis points (bps) in a split vote as it attempts to bring sky-high inflation back down towards its 2% target

• The is pair heading towards the 23.6%fib, as near term direction of the pair is likely to be driven by current price action.  

•Technical signals are bearish as RSI is heading down  at 47 , daily momentum studies  5, 9 and 11 DMAs are trending down. 

•Immediate resistance is located at 1.9243 (21DMA ), any close above will push the pair towards 1.9399 (38.2%fib).

•Strong support is seen at 1.9162(23.6%fib) and break below could take the pair towards 1.9035 (Lower BB).

Recommendation: Good to sell on  around 1.9200, with stop loss of 1.9300 and target price of 1.9100
 

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