• GBP/ NZD pushed its recovery envelope from 2.0660 on Wednesday as soft commodity prices amid global growth concerns weighed kiwi dollar.
• The pair currently is approaching resistance at 38.2%fib. A break above would unmask 2.0900 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI has tuned bullush,while moving averages and MACD are trending higher.
• Immediate resistance is located at 2.0833(38.2%fib), any close above will push the pair towards 2.0900 (psychological level).
• Immediate support is seen at 2.0754 (21DMA) and break below could take the pair towards 2.0724 (50%fib).
Recommendation: Good to buy around 2.0760 , with stop loss of 2.0600 and target price of 2.0900
