• GBP/NZD recovered from early fall on Wednesday but gains were limited amid risk-off flows.
• GBP/NZD gains near 20DMA,consolidation likely to continue while market seeks fresh factors.
• Technical signals are bushish as RSI is at 51, daily momentum studies 5,9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.0592 ( 20DMA), any close above will push the pair towards 2.0691 (23.6% fib)
• Strong support is seen at 2.0488 (38.2% fib ) and break below could take the pair towards 2.0390(Lower BB).
Recommendation: Be on sidelines
