• Major support – 1.70500
   
• Major resistance – 1.74200 (Jan 26th 2017 high)
   
• GBP/NZD recovers sharply after declining till 1.70410 level. It is currently trading around 1.73250.
   
• The pair has shown slight decline below 61.8% fibo, and jumped from that level. Any further weakness can be seen if it closes below that level. Any close below 1.70500 will drag the pair till 1.68285.The minor support is around 1.7230/1.71970.
   
• On the higher side, 1.7420 is acting as major resistance and any break above will take the pair till 1.74750/1.7550 (61.8% retracement of 1.79979 and 1.6825).
  
  It is good to sell on rallies around 1.7345-1.7350 with SL around 1.7420 for the TP of 1.7200/1.7145.