• GBP/NZD strengthened on Wednesday as gains were aided by profit-taking on short positions.
• At GMT 18:24, the pair was trading up 0.60 percent at 2.0433 ,highest since 9th Oct
• UK August GDP data due on Thursday, economy is expected to have grown by 0.2% in August, following July's surprise 0.5% contraction.
• GBP/NZD is above the 5DMA and for now the short uptrend trend is intact.
• Immediate resistance is located at 2.0450 (Daily high), any close above will push the pair towards 2.0501 (50%fib)
• Strong support is seen at 2.0405 (38.2%fib) and break below could take the pair towards 2.0277 (23.6%fib).
Recommendation: Good to buy around 2.0430 , with stop loss of 2.0330 and target price of 2.0530
