• GBP/NZD rose on Thursday as hotter than expected UK GDP data boosted the pair.
• The UK economy returned to growth in May after a stagnant month in April when activity flatlined.
•Figures from the Office for National Statistics (ONS) showed that the gross domestic product (GDP) rose by 0.4% month-on-month, double the forecast of economists.
• The pair currently is approaching resistance at 23.6%fib. A break above would unmask 2.1300 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 74,while moving averages are trending higher.
• Immediate resistance is located at 2.1180(23.6%fib), any close above will push the pair towards 2.1218 (April 30th high).
• Immediate support is seen at 2.1071 (38.2%fib) and break below could take the pair towards 2.0984 (50%fib).
Recommendation: Good to buy around 2.1170, with stop loss of 2.1100 and target price of 2.1300
