FxWirePro: GBP/NZD trades above 1.9600 for first time since 21st Oct 2020,room for further gains

• GBP/NZD staged a sharp rise on Tuesday and is back above resistance at 38.2% retracement at 1.9604. 

• GBP/NZD rise was sparked after NZ Government placed tax on property investors, the cross pair has risen 0.50% since NZ PM announced measures to cap property prices.  

• Bulls tighten their grip after registering a close above the 1.9604 (38.2%),scope grows for bigger gains towards 1.9800. 

• Immediate resistance is located at 1.9656 ( Daily high), any close above will push the pair towards 1.9757 (21st Oct 2020 high).

• Immediate support is seen at 1.9604 (38.2% fib) and break below could take the pair towards 1.9500 (Psychological level).

Recommendation: Good to buy around 1.9600, with stop loss of 1.9460 and target price of 1.9750