• GBP/NZD dipped towards 2.0700 level on Monday as investors digested US and UK economic data.
• Survey data on Monday showed that the U.S. services sector picked up in January, further boosting the dollar.
• British services businesses started 2024 on a robust footing, with a solid inflow of new orders and the fastest hiring in six months, a survey showed.
• Meanwhile, another survey showed Britain's unemployment rate was much lower late last year than previously thought, increasing caution around early rate cuts.
• GBP/NZD remains bullish, only a close back below 2.0533 (50%fib) could upset the bullish order.
• Immediate resistance is located at 2.0837 (23.6%fib), any close above will push the pair towards 2.0928 (Jan 23rd high)
• Immediate support is seen at 2.0672 (38.2%fib ) and break below could take the pair towards 2.0564 (50%fib).
Recommendation: Good to buy around 2.0650, with stop loss of 2.0550 and target price of 2.0740
