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FxWirePro: GBP/NZD runs out of steam but maintains bullish outlook

• GBP/NZD initially dipped  on Thursday but rebounded after BoE as expected to raised rates for 11th consecutive time, by to 4.25%.

• Bank of England (BoE) raised interest rates and said it expects the surge in British inflation to cool faster than before. Markets took BoE statement  as dovish.  

• In an up-and-down session, the pair hit low at 1.9579 in early US trading then gained towards 19663 level.

• Technical signals are bullish as RSI is at 60, daily momentum studies  5,9,21 DMA are trending north. 

• Immediate resistance is located at 1.9742 (23.6%fib ), any close above will push the pair towards 1.9776 (Higher BB).

• Strong support is seen at 1.9588 (9DMA) and break below could take the pair towards 1.9512 (38.2%fib).

Recommendation: Good to sell around 1.9660 with stop loss of 1.9540 and target price of 1.9730 .

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