• GBP/NZD recovered some ground from initial decline on Tuesday as investors focused on the outlook for reopening the UK economy from its lockdown.
• GBP/NZD recovers towards above 1.9650 and holds near the day's high in US session.
• Bulls will need a clear 1.9831 ( 23.6% fib)to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals are mixed as RSI has turned lower, moving averages are mixed.
• Immediate resistance is located at 1.9705 ( Daily high), any close above will push the pair towards 1.9831 ( 23.6% fib).
• Immediate support is seen at 1.9622 (38.2%fib) and break below could take the pair towards 1.9564(5DMA).
Recommendation: Good to sell around 1.9660, with stop loss of 1.9800 and target price of 1.8590.
