• GBP/NZD steadied around 2.0530 on Wednesday as sterling was supported by upward revision to the UK services PMI.
• UK data surprised on Wednesday,UK September services PMI was revised up to 49.3 vs 47.2 flash estimate.
• A close above 38.2%fib will trigger a new bullish phase with potential for 2.0600
• Technical signals are bullish as RSI is rising sharply from below, moving averages 5,9 ,11DMA’s trending up.
• Immediate resistance is located at 2.0568(38.2%fib), any close above will push the pair towards 2.0657(23.6%fib).
• Immediate support is seen at 2.0483 (50%fib) and break below could take the pair towards 2.0421 (5DMA).
Recommendation: Good to buy around 2.0510, with stop loss of 2.0380 and target price of 2.0600
