• GBP/NZD strengthened on Monday as retreat in commodity prices weighed on commodity linked kiwi dollar.
• Gold prices slipped 4.3%, while silver slid 8.3% after touching a record peak above $80 an ounce earlier in the session as investors booked profits amid perceptions of easing geopolitical tensions
• The is pair heading towards the 38.2%fib, as near term direction of the pair is likely to be driven by current price action.
• Technical signals are bullish as RSI is heading up , daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 2.3311 (38.2%fib ), any close above will push the pair towards 2.3361 (Higher BB).
• Strong support is seen at 2.3150(Daily low) and break below could take the pair towards 2.3123 (50%fib).
Recommendation: Good to buy on around 2.3280, with stop loss of 2.3200 and target price of 2.3350
