• GBP/NZD strengthened on Wednesday as pound benefited from strongly weaker New Zealand dollar.
• Investors have been cautious so far in 2024, wary of the central bank's expected pivot to rate cuts this year and how quickly these might be implemented.
• A rally towards is possible if GBP/NZD bulls overcome resistance at 38.2% fib.
• Immediate resistance is located at 2.0280 (38.2% fib), any close above will push the pair towards 2.0405 ( 19th Dec high).
• Immediate support is seen at 2.0160(Daily low) and break below could take the pair towards 2.0073 (23.6% fib).
Recommendation: Good to buy around 2.0270, with stop loss of 2.0180 and target price of 2.0370
