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FxWirePro: GBP/NZD set for increasing upside potential, 1.9309 a key barrier

• GBP/NZD extended rally   on Monday as renewed Covid-19 restrictions in Europe dented kiwi dollar.

• Market sentiment deteriorated as commodity demand worries caused by possible widespread lockdowns in Europe weighed on the kiwi dollar.

• Technical signals highlight upside bullish trend as daily  RSI  rising and 9, 11,21 DMA’s are trending north. 

• Immediate resistance is located at 1.9301 (38.2%fib), any close above will push the pair towards 1.9412 (23.6 % fib).

• Immediate support is seen at 1.9226 (50%fib) and break below could take the pair towards 1.9141(61.8%fib).

Recommendation: Good to buy on dips around 1.9200, with stop loss of 1.9100 and target price of 1.9300.

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