• GBP/ NZD strengthened on Monday as optimism that vaccination programmes and the easing of lockdowns would bode well for an economic rebound in UK boosted sterling.
• The pair attempted to breach resistance at 1.9568 ( 50% fib) and dipped towards 1.9544 level . A decisive break closure above 1.9568 could generate further gains.
• Any downside correction is likely to be temporary as barrier at 1.9350 (38.2%fib) is set to restricting lower move.
• Immediate resistance is located at 1.9568 ( 50% fib), any close above will push the pair towards 2.1
• Immediate support is seen at 1.9462 (30DMA) and break below could take the pair towards 1.9350 (38.2%fib).
• Recommendation: Good to buy around 1.9510, with stop loss of 1.9400 and target price of 1.9620
