• GBP/ NZD extended its yesterday’s bounce as easing lockdown hopes and better than expected UK GDP data lifted the pair.
• The pair attempted to breach resistance at 2.0463 ( 50% fib) and dipped towards 2.0410 level . A decisive break closure above 2.0463 could generate further gains.
• Any downside correction is likely to be temporary as barrier at 2.0281 (5 DMA) is set to restricting lower move.
• Immediate resistance is located at 2.0463 ( 50% fib), any close above will push the pair towards 2.0602 (61.8% fib).
• Immediate support is seen at 2.0326 (38.2% fib) and break below could take the pair towards 2.0281 (5 DMA).
Recommendation: Good to buy around 2.0350, with stop loss of 2.0160 and target price of 2.0530
