• GBP/ NZD gained on Monday as investors dumped commodity related currencies like Kiwi dollar on uncertainty sparked concerns about the Chinese economy.
• China's export growth slowed to single digits, the weakest in almost two years, while imports barely changed in April as tighter and wider C
• Bulls have tightened their grip after registering a close above the 1.9439 (38.2%fib),scope grows for bigger gains towards 1.9700.
• Technical signals are strongly bullish as RSI is bullish at 62, 5, 9,11 DMAs are trending up.
• Immediate resistance is located at 1.9454 (38.2%fib), any close above will push the pair towards 1.9621 (Ichimoku Cloud Top).
• Immediate support is seen at 1.9466 (38.2%fib) and break below could take the pair towards 1.9374 (5DMA).
Recommendation: Good buy around 1.9510, with stop loss of 1.9400 and target price of 1.9600
