• GBP/NZD extended gains towards 2.0970 level on Friday as the pair was swept up following release upbeat UK GDP data.
• Investors took heart from data that showed Britain's gross domestic product expanded by 0.1% in monthly terms in February, as expected in a poll of economists.
• The data will allow the Bank of England (BoE) to feel comfortable about cutting interest rates in the second half of 2024
• The rallied towards 2.0970 (9EMA ) resistance. Sustained break above would open the door towards 2.1100 level
• Technical are bullish, daily RSI is negative at 53, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.0970 (9EMA ), any close above will push the pair towards 1.9644 2.1093 (23.6%fib).
• Strong support is seen at 2.0885(38.2%fib) and break below could take the pair towards 2.0723 (50%fib)
Recommendation: Good to buy around 2.0960, with stop loss of 2.0860 and target price of 2.1050
