• GBP /NZD strengthened on Friday as better than expected UK retail sales data boosted sterling against weaker kiwi dollar.
• British retail sales unexpectedly rose by 0.3% in May from April, figures from the Office for National Statistics showed on Friday.
• GBP/NZD has seen a 2.0600- 2.0811 range on Tuesday, chart points to an overshoot above 5DMA.
• Technical signals are bullish as RSI is at 59,while moving averages and MACD are trending higher
• Immediate resistance is located at 2.0743(23.6%fib), any close above will push the pair towards 2.0811 (Daily high).
• Immediate support is seen at 2.0637(5DMA) and break below could take the pair towards 2.0510(June 22nd Low).
Recommendation: Good to buy around 2.0660, with stop loss of 2.0480 and target price of 2.0750
