• GBP/NZD initially dipped on Tuesday but recovered some ground as UK employment data supported sterling on the back of rapid vaccination success.
• The pairs initial drop was short lived, as buyers emerged near 1.9350, pair nears the 38.2%fib at 1.9486.
• Technical signals show the pair could gain more ground as RSI is at 51 with 10, 14 and 21-day MAs in bullish alignment.
• Immediate resistance is located at 1.9486 (38.2%fib), any close above will push the pair towards 1.9574(Apr 12th high ).
• Immediate support is seen at 1.9378 (50%fib) and break below could take the pair towards 1.9346 (55DMA).
Recommendation: Good to buy around 1.9420, with stop loss of 1.9320 and target price of 1.9500
