• GBP/NZD advanced towards 2.0900 level on Tuesday as sterling attracted buyers ahead of the British budget on Wednesday.
• Wednesday’s UK budget announcement is the major domestic event risk for sterling this week.
• A close above 23.8%fib will trigger a new bullish phase with potential for 2.1000
• Technical signals are bullish as RSI is trending up at 62, moving averages 5,9 ,11DMA’s trending north.
• Immediate resistance is located at 2.0892(23.8%fib), any close above will push the pair towards 2.0921(Higher BB).
• Immediate support is seen at 2.0793 (38.2%fib) and break below could take the pair towards 2.075 (50%fib).
Recommendation: Good to buy around 2.0860, with stop loss of 2.0680 and target price of 2.0910
