• GBP/ NZD rose sharply on Tuesday as sterling was boosted by better than forecast wage growth data and weaker kiwi dollar.
• According to data released on Tuesday, British earnings excluding bonuses increased more than expected in the last three months of 2023, while the jobless rate fell to 3.8%.
• The kiwi dollar fell across the board on Tuesday as a easing in inflation predictions reduced some of the bets on a future rate increase.
• Bulls have tightened their grip after registering a close above the 38.2%fib,scope grows for bigger gains towards 2.0900.
• Technical signals are strongly bullish as RSI is bullish at 62, 5, 9,11 DMAs are trending up.
• Immediate resistance is located at 2.0818 (Daily high), any close above will push the pair towards 2.0925 (23.6%fib).
• Immediate support is seen at 2.0749 (38.2%fib) and break below could take the pair towards 2.0601 (50%fib).
Recommendation: Good buy around 2.0770, with stop loss of 2.0650 and target price of 2.0900
