• GBP /NZD steadied north on Wednesday as sterling was supported by upbeat UK PMI data.
• A survey showed that Britain's economy began 2024 on a firmer footing, pushing investors to lessen their expectations on the Bank of England cutting interest rates soon.
• The pair is holding near today's high and has managed to stay above the clear above38.2% fib support level .
• Technical signals show the pair could gain more ground in the short-term as RSI is at 65 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 2.0842 (Daily high), any close above will push the pair towards 2.0922(23.6% fib).
• Immediate support is seen at 2.0762 (38.2% fib) and break below could take the pair towards 2.0702 (Jan 22nd low).
Recommendation: Good to buy around around 2.0800, with stop loss of 2.0680 and target price of 2.0880.
