•GBP/NZD strengthened on Wednesday as GBP benefited from strongly weaker New Zealand dollar.
• GBP/NZD rose towards 23.6%fib resistance. A break and daily close above 1.7764 ( 38.2%fib)will accelerate further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 65 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at at 2.1091(23.6 %fib ), any close above will push the pair towards 2.1160 (Higher BB).
• Strong support is seen at 2.1000 (Psychological levle ) and break below could take the pair towards 2.1167 (Higher BB).
Recommendation: Good to buy on dips around 2.1000 with stop loss of 2.0980 and target price of 2.1100.
