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• GBP/NZD rose on Tuesday as kiwi dollar resumed decline , tracking a fresh fall in the Chinese yuan to a six-month low.
• GBP/NZD has seen a 2.0365-2.0567 range on Tuesday , chart points to an overshoot above 2.0600.
• Technical are strongly bullish , daily RSI is bullish at 67, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.0567 (Daily high), any close above will push the pair towards 2.0620(23.6% fib).
• Strong support is seen at 2.0375 (5DMA) and break below could take the pair towards 2.0324 (38.2% fib)
Recommendation: Good to buy around 2.0500, with stop loss of 2.0420 and target price of 2.0600
