• GBP/NZD retreated on Thursday as currencies early gains evaporated as investors weighed up the outlook for an economic recovery in UK due to rising COVID cases globally.
• GBP/NZD stalled and reversed after facing significant resistance at at 1.9397 (50%fib.
• GBP/NZD remains bearish , only a close back above 61.8%fib at 1.9495 , could upset the bullish order.
• Immediate resistance is located at 1.9397 (50%fib ), any close above will push the pair towards 1.9464(21st April high).
• Strong support is seen at 1.9294 (38.2% fib) and break below could take the pair towards 1.9267 (Ichimoku Cloud Top).
Recommendation: Good to buy around 1.9290, with stop loss of 1.9350 and target price of 1.9210
