• GBP/NZD Initially dipped on Friday but recovered most of the ground as investors remained upbeat about Britain’s vaccine rollout and economic outlook.
• Underlying trend remains bullish. A break below 1.9773 ( 23.6%fib) might spur fresh upside momentum.
• Technical are bullish as RSI is at 66, daily momentum studies 5, 9 DMAs are trending up.
• Immediate resistance is located at 1.9773 ( 23.6%fib), any close above will push the pair towards 1.9827(Sep 1st 2020 high).
•Strong support is seen at 1.9683 (Daily low) and break below could take the pair towards 1.9620 (5DMA).
Recommendation: Good to buy on dips around 1.9680, with stop loss of 1.9580 and target price of 1.9800
