• GBP/NZD rose on Monday as better than UK construction PMI data boosted sterling against weaker kiwi dollar
• Data showed UK Purchasing Managers' Index (PMI) for the construction sector jumped to 54.6 in February, up from 48.4 in January, its highest since May 2022.
• A close above puts daily above 1.9433 (38.2 %fib ) and then 1.5672 (21DMA)in focus.
• Technical signals are bullish as RSI is rising at 56, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9441 (38.2%fib), any close above will push the pair towards 1.9559 (Feb 27th high )
• Strong support is seen at 1.9349 (5DMA) and break below could take the pair towards 1.9291 (38.2%fib).
Recommendation: Good buy around 1.9390, with stop loss of 1.9300 and target price of 1.9480
