• GBP/NZD rose on Monday as GBP benefited increased expectation Bank of England will hike rates in February.
• A preliminary estimate of UK gross domestic product for November is due on Tuesday.
• The is pair heading towards the 23.6% fib resistance, as near term direction of the pair is likely to be driven by current price action.
• Technical are strongly bullish, daily RSI is bullish at 79, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.2099 (23.6%fib ), any close above will push the pair towards 2.20178 (Higher BB).
• Strong support is seen at 2.2033 (5DMA) and break below could take the pair towards 1.9965(38.2%fib).
Recommendation: Good to buy around 2.2050, with stop loss of 1.9965 and target price of 2.2130
