• GBP/NZD strengthened on Wednesday as kiwi dollar weakened against pound amid the escalating geopolitical tensions in the Middle East.
• Pair traded in 2.0741/2.0906 range ,a close above ( 23.6%fib, will trigger a new bullish phase with potential for 2.1000
• Technical signals are bullish as RSI is at 59, daily momentum studies 5,9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.0954 ( 23.6%fib), any close above will push the pair towards 2.1000 (Psychological level)
• Strong support is seen at 2.0818(38.2%fib ) and break below could take the pair towards 2.0754(11DMA).
Recommendation: Good to buy around 2.0860 , with stop loss of 2.0750 and target price of 2.1000
