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FxWirePro: GBP/NZD extends gains, faces 23.6%fib resistance

• GBP/AUD   maintains its strength around the 2.1068 level , displaying a mild reaction to middle east conflict.

• A deluge of key UK data this week are now eyed as a guide for whether the BoE can cut rates as soon as June

• The pair is approaching 23.6%fib resistance.  Sustained  break above at 23.6%fib  resistance would open the door to 2.1200 level

• Technical are bullish, daily RSI is negative at 60, daily momentum studies  9 and 10 DMAs are trending up. 

• Immediate resistance is located at 2.1166 (23.6%fib ), any close above will push the pair towards 2.1212 (Sep 12th 2023 high ).

• Strong support is seen at 2.1003(9EMA) and break below could take the pair towards 2.0947 (38.2%fib)

Recommendation: Good to buy around 2.1050, with stop loss of 2.0900 and target price of 2.1150
 

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