• GBP/NZD extended gains towards 2.0990 level on Tuesday after data showed UK businesses expand at fastest pace in 11 months.
• The S&P Global UK Composite Purchasing Managers' Index for the services and manufacturing sectors jumped to an 11-month high of 54.0 in April from March's 52.8.
• The rallied towards 38.2%fib resistance . Sustained break above would open the door to 2.1100 level
• Technical are bullish, daily RSI is negative at 64, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.0998 (38.2%fib ), any close above will push the pair towards 2.1087 (April 18th high).
• Strong support is seen at 2.0852(50%fib) and break below could take the pair towards 2.0793 (15th March low)
Recommendation: Good to buy around 2.0985, with stop loss of 2.0850 and target price of 2.1080
