• GBP /NZD strengthened on Tuesday as stronger-than-expected British jobs report supported the pair.
• Data released on Tuesday that showed Britain's labour market looked much stronger than expected in the three months to April.
• GBP/NZD has seen a 2.0405- 2.0522 range on Tuesday, chart points to an overshoot above 5DMA.
• Technical signals are bullish as RSI is at 57,while moving averages and MACD are trending higher
• Immediate resistance is located at 2.0512 (5DMA), any close above will push the pair towards 2.0575 (23.6%fib).
• Immediate support is seen at 2.0388 (38.2%fib) and break below could take the pair towards 2.0300 (May 26th low).
Recommendation: Good to buy around 2.0490, with stop loss of 2.0380 and target price of 2.0580
