• GBP/NZD initially dipped on Wednesday but recovered ground as investors digested US presidential election results.
• At GMT 00:22, the pair was trading up 0.11 percent at 2.1709 after reaching dailylow at 2.1598.
• Despite today’s marginal pullback from high ,support at 2.1655 is holding,A close above 23.6%fib eyes psychological level at 2.1900 level.
• Technicals leans bullish as RSI is at 61 bullish, and 9,11 and 14 DMA’s are trending up.
• Immediate resistance is located at 2.1798 (23.6%fib ), any close above will push the pair towards 2.1875 (Higher BB).
• Strong support is seen at 2.1655 (38.2% fib) and break below could take the pair towards 2.1538 (50% fib).
Recommendation: Good to buy around 2.1700, with stop loss of 2.1600 and target price of 2.1780
