• GBP/NZD strengthened on Tuesday as deteriorating risk appetite and anticipation of less aggressive rate cuts by the Federal Reserve weighed on kiwi dollar.
• GBP/NZD remains bullish, only a break and daily close below 38.2%fib will shift bias to the downside.
• Technicals are favouring bullish sentiment as RSI is at 63 and the pair is trading above 11 & 21-DMAs.
• Immediate resistance is located at 2.0611 (23.6%fib ), any close above will push the pair towards 2.0656(Higher BB).
• Strong support is seen at 2.0501 (38.2%fib) and break below could take the pair towards 2.0419 (50%fib).
Recommendation: Good to buy around 2.0570, with stop loss of 2.0450 and target price of 2.0650
