FxWirePro :GBP/NZD rebounds, critical resistance lies ahead
• GBP/NZD initially on Thursday after the Bank of England raised interest rates but recovered ground as market digested rate hike decision.
• The British central bank's Monetary Policy Committee voted 8-1 for a half percentage point rise in Bank Rate to 1.75% - the highest level since late 2008.
• GBP/NZD vaulted higher, rising above 14-day moving average and recovering most of the earlier session's losses.
• Technicals are favouring bullish sentiment as RSI is at 51 and the pair is trading below 5, 9 & 11-DMAs.
• Immediate resistance is located at 1.9137(21DMA), any close above will push the pair towards 1.9392(38.2% fib).
• Support is seen at 1.9257(50% fib) and break below could take the pair towards 1.9150 (Daily low)..
Recommendation: Good to buy around 1.9300, with stop loss of 1.9200 and target price of 1.9380.
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