• GBP/NZD steadied on Monday as investors focused on the outlook for reopening the UK economy from its lockdown.
•With the vaccine rolling out rapidly across Britain and infection numbers falling, England could proceed to Stage 2 of roadmap out of lockdown from April 12.
• GBP/NZD hit daily low at 1.9653, before bouncing towards1.9700. Resistance at 1.9795 (23.6%fib) is now threatened.
• Technical signals are bullish as RSI at 55, moving averages are trending up.
• Immediate resistance is located at 1.9795 ( 23.6%fib), any close above will push the pair towards 1.9839 ( Higher BB).
• Immediate support is seen at 1.9649(11DMA) and break below could take the pair towards 1.9566(38.2%fib).
Recommendation: Good buy around 1.9670, with stop loss of 1.9560 and target price of 1.9750.
