FxWirePro; GBP/NZD rebounds, critical resistance lies ahead
• GBP/NZD strengthened on Tuesday as kiwi dollar weakened after comments by Assistant Governor Christian Hawkesby dampened market expectations for interest rate hike.
• The Deputy Governor Christian Hawkes said in a speech that in the face of uncertainty , central banks tend to follow a smooth path and leave their policy rate unchanged.
• A daily close above the 1.9473 ( 50%fib) will further improve the technical outlook, and open the possibility of a rally towards 1.9600.
• Immediate resistance is located at 1.9503( 38.2%fib), any close above will push the pair towards 1.9586 (61.8%fib).
• Immediate support is seen at 1.9459 (9DMA) and break below could take the pair towards 1.9406 (38.2%fib).
Recommendation: Good to buy around 1.9480, with stop loss of 1.9350 and target price of 1.9560