• GBP/NZD initially rose on Monday but gave up some ground after UK's new finance minister Jeremy Hunt reversed tax plan.
• New finance minister Jeremy Hunt reversed large swathes of the 45-billion pound mini-budget that sparked unprecedented market turmoil in which the pound hit record lows.
• The is pair heading towards the 23.6%fib. Only a break and daily close above 1.9956 (5DMA ) will shift bias to the downside.
• Technical signals are strongly bullish as RSI is at 68, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.0299 (23.6%fib ), any close above will push the pair towards 2.0400 (Higher BB).
• Immediate support is seen at 2.0013 (38.2%fib ) and break below could take the pair towards 1.9956(5DMA).
Recommendation: Good to buy around 2.0200, with stop loss of 2.0000 and target price of 1.9330.
