• GBP/ NZD rose sharply on Thursday as sterling was helped by report of potential UK fiscal plan U-turn.
• Sterling rose against kiwi dollar after reports suggested British Prime Minister Liz Truss could row back on some of the planned tax cuts which have triggered chaos in UK markets.
• Today’s rise has passed through the 38.2%fib fibonacci retrace point at 1.9911 and now eyes the 23.6%fib at 2.0463.
• Immediate resistance is located at 2.0220(23.6%fib), any close above will push the pair towards 2.0291(Higher BB).
• Support is seen at 1.9911 (38.2%fib) and break below could take the pair towards 1.9849 (9DMA).
Recommendation: Good to buy around 2.0050, with stop loss of 1.9910 and target price of 2.0200
