• GBP/NZD strengthened on Monday after data showed the U.K. purchasing managers survey showed continued expansion in private sector output.
• The composite PMI remained at 50.5 in December, as an increase in the services PMI balanced out a decline in the manufacturing PMI.
• Looking ahead, investors are awaiting the Bank of England's rate decision this week. The BoE is widely expected to keep rates unchanged on Thursday
•Technical signals are strongly bullish as RSI is at 59, daily momentum studies 5, 9 and 10 SMAs are trending up.
• Immediate resistance is located at 2.1974 (38.2%fib), any close above will push the pair towards 2.1211(23.6%fib).
• Immediate support is seen at 2.1852 (38.2%fib) and break below could take the pair towards 2.1747(50%fib).
Recommendation: Good to buy around 2.1900, with stop loss of 2.1820 and target price of 2.1980
