• GBP/ NZD staged a sharp rebound on Wednesday after data showed British consumer price inflation leapt to its highest level in three decades .
• British consumer prices jumped to an annual rate of 7.0% in March, the highest since March 1992 and up from 6.2% in February.
• The pair attempted to breach resistance at 1.9331 (38.2% fib)and dipped towards 1.9267 level . A decisive break closure above 38.2% fib could generate further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 56 bullish, and moving averages are trending higher.
• Immediate resistance is located at 1.9331 (38.2% fib), any close above will push the pair towards 1.9501 (50% fib).
• Immediate support is seen at 1.9189(16th March low) and break below could take the pair towards 1.9118 (23.6% fib).
Recommendation: Good to buy around 1.9260, with stop loss of 1.9160 and target price of 1.9400
