February 22, 2023

FxWirePro:GBP/NZD remains bullish as rally continues

• GBP /NZD rose on Tuesday upbeat UK flash PMI data lifting BoE rate expectations boosted the pair.

• Britain’s preliminary “flash” Purchasing Managers’ Index, jumped to 53.0 in February from 48.5 in January, above the 50 threshold for growth for the first time since July.

• The pairs rise above the 38.2% fib has reinforced the growing bullish strength, putting focus 23.6%fib resistence.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 63,while moving averages are trending higher.

• Immediate resistance is located at 1.9515(23.6%fib), any close above will push the pair towards 1.9623 (Nov 3rd high).

• Immediate support is seen at 1.9463(Daily low) and break below could take the pair towards 1.9384 (38.2%fib).

Recommendation: Good to buy on dips around 1.9470, with stop loss of 1.9380 and target price of 1.9600.

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