FxWirePro:GBP/ NZD rallies to 2-week high, good to buy on dips
• GBP/ NZD strengthened on Tuesday as six days of reducing COVID-19 infection data bolstered the pound's outlook against weaker New Zealand dollar.
• COVID19 cases in UK have declined for six consecutive days since all restrictions were lifted on July 19, although the Delta variant remains a formidable enemy.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 61,while moving averages trending higher.
• Immediate resistance is located at 1.9969 ( 23.6%fib), any close above will push the pair towards 2.0000 (Psychological level).
• Immediate support is seen at 1.9876(38.2%fib) and break below could take the pair towards 1.9801 (50%fib).
Recommendation: Good to buy around 1.9940, with stop loss of 1.9860 and target price of 2.0050