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FxWirePro: GBP/ NZD consolidates around 2.0780, good to buy on dips

• GBP/ NZD pushed its recovery envelope from 2.0660 on Wednesday  as soft commodity prices amid global growth concerns weighed kiwi dollar.

• The pair currently is approaching resistance at 38.2%fib. A break above   would unmask 2.0900  level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI has tuned bullush,while moving averages and MACD are trending higher.

• Immediate resistance is located at 2.0833(38.2%fib), any close above will push the pair towards 2.0900  (psychological level).

• Immediate support is seen at 2.0754 (21DMA) and break below could take the pair towards 2.0724 (50%fib).

Recommendation: Good to buy around 2.0760  , with stop loss of 2.0600   and target price of 2.0900  

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