• GBP/ NZD rose on Friday as New Zealand dollar continues to lose ground against pound after manufacturing PMI contracts.
• New Zealand's manufacturing activity remained in contraction for the twelfth straight month, a survey showed on Friday.
• The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) rose to 49.3 in February. Anything below 50.0 threshold points to contraction.
• Technical highlight upside risks for GBP/ NZD, with momentum studies, 5, 10 and 21 DMAs tracking north.
• Immediate resistance is located at 2.0942( 23.6% fib), any close above will push the pair towards 2.0988 (Higher BB).
• Immediate support is seen at 2.0788(38.2% fib) and break below could take the pair towards 2.0677 (50% fib).
Recommendation: Good to buy around 2.0900, with stop loss of 2.0760 and target price of 2.1000
