• GBP/NZD strengthened on Monday as lower oil prices and China covid angst fueled some buying in the pair .
•Oil prices touched their lowest level since early January on concerns of lower Chinese fuel demand owing to the COVID-19 lockdowns
•The pair is testing resistence 1.9409 (38.2%fib), a daily close above will accelerate upsude towards 1.9500 (Psychological level ).
• Technicals are favouring bullish sentiment as RSI is at 51 while, moving averages are trending north.
• Immediate resistance is located at 1.9409 (38.2%fib), any close above will push the pair towards 1.9499(21DMA)
• Support is seen at 1.9269(Daily low)and break below could take the pair towards 1.9158(50%fib).
Recommendation: Good to buy around 1.9370, with stop loss of 1.9300 and target price of 1.9460.
