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FxWirePro: GBP/NZD propelled towards 2.0990 by strong UK PMI data, good to buy on dips

• GBP/NZD extended gains towards  2.0990 level on Tuesday  after data showed UK businesses expand at fastest pace in 11 months.

• The S&P Global UK Composite Purchasing Managers' Index for the services and manufacturing sectors jumped to an 11-month high of 54.0 in April from March's 52.8.

• The rallied towards  38.2%fib resistance . Sustained  break above would open the door to 2.1100 level

• Technical are bullish, daily RSI is negative at 64, daily momentum studies  9 and 10 DMAs are trending up. 

• Immediate resistance is located at 2.0998 (38.2%fib ), any close above will push the pair towards 2.1087 (April 18th high).

• Strong support is seen at 2.0852(50%fib) and break below could take the pair towards 2.0793 (15th March  low)

Recommendation: Good to buy around 2.0985, with stop loss of 2.0850 and target price of 2.1080

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