• GBP/ NZD rose on Tuesday as risk appetite faded with a sell-off in stocks and a rally in Treasuries.
• GBP/ NZD glommed onto the rally, despite BoE and U.S. non-farm payrolls event risk.
• Today’s rise has passed through the 38.2% fibonacci retrace point at 1.9420 and now eyes the 23.6%fib at 1.9542.
• Immediate resistance is located at 1.9492 (Daily high), any close above will push the pair towards 1.9542 (23.6%fib).
• Support is seen at 1.9420(38.2%fib) and break below could take the pair towards 1.9328 (50%fib).
Recommendation: Good to buy around 1. 9440, with stop loss of 1. 9320 and target price of 1. 9540
