• GBP/NZD steadied on Thursday, building on the gains from the previous day following an unexpected rise in UK CPI print.
• The UK economic calendar was quiet on Thursday as GBP/NZD traders prepared for the upcoming release of Retail Sales on Friday.
•GBP/NZD bullish have tightened their grip on this market,A break, daily close above 23.6% fib could accelerate further gains.
• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 2.0792(23.6% fib), any close above will push the pair towards 2.0829 (Higher BB)
• Strong support is seen at 2.0700 (18th Jan low)and break below could take the pair towards 2.0633 (38.2% fib).
Recommendation: Good to buy around 2.0750 with stop loss of 2.0650 and target price of 2.0800
