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FxWirePro: GBP/NZD extends gains, faces 23.6% fib resistance

• GBP/NZD  strengthened on Monday as risk-sensitive GBP was lifted by European equity gains.

• The pair hit daily high at 1.9594, it was trading  0.02% at GMT 17:40.

•The pair is approaching 23.6% retracement at 1.9602, a daily close below which will accelerate towards 1.9700  level.

 • From a technical viewpoint, the moving averages are pointing upwards, while the RSI  is strongly bearish at 68.

•  Immediate resistance is located at 1.9602(23.6% fib), any close above will push the pair towards 1.9664( 13 Oct high).

• Strong support is seen at 1.9494 (38.2% fib ) and break below could take the pair towards 1.9402 (50% fib).

Recommendation: Good to buy around 1.9550, with stop loss of 1.9450 and target price of 1.9650.

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