FxWirePro :GBP/NZD runs out of steam but maintains bullish outlook

• 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