FxWirePro: GBP/NZD stuck in range but maintains bullish bias

• GBP/NZD dipped on Monday as  lack of new catalyst  from both the UK and New Zealand reduced demand for cross pair.

• The BoE’s Monetary Policy Committee  meets on Thursday, is expected to keep its foot firmly pressed on the stimulus pedal.

• Technical signals highlight upside bullish trend as daily  RSI  is at 57, daily momentum studies, 10 and 11 daily and  14 DMA’s climb. Bullish trending setup would only be undermined by a close below 1.9779 (61.8% fib). 

• Immediate resistance is located at 1.9940 (38.2%fib), any close above will push the pair towards 2.0033 (23.6 % fib).

•  Strong support is seen at 1.9858 (38.2%fib ) and break below could take the pair towards 1.9817 (11DMA).

Recommendation: Good to buy around 1.9900, with stop loss of 1.9800 and target price of 1.9980