FxWirePro: GBP /NZD uptrend gains sharp momentum, as positive sentiment builds for Pound
• GBP /NZD rose on Friday after BoE bond intervention and better than expected UK GDP data boosted the pair.
• Britain’s economy grew 0.2% in Q2, vs previous estimate of -0.1%.
• The pound jumped 2.73% against kiwi dollar as the BoE conducted a third day of bond buying to stabilise markets.
• The pairs rise above the 38.2% fib has reinforced the growing bullish strength, putting focus on 20100 level.
• Immediate resistance is located at 1.9972 (Daily high), any close above will push the pair towards 2.0043 (23.6% fib).
• Immediate support is seen at 1.9844 (38.2% fib) and break below could take the pair towards 1.9700 (50%fib).
Recommendation: Good to buy on dips around 1.9950, with stop loss of 1.9860 and target price of 2.0100.
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