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FxWirePro: GBP/NZD uptrend resumes rise towards key fibo resistance , outlook strongly bullish

• GBP/NZD   advanced  towards 2.0900 level  on Tuesday  as sterling attracted buyers  ahead of the British budget on Wednesday.

•  Wednesday’s UK budget announcement is the major domestic event risk for sterling this week.

• A close above 23.8%fib will  trigger a new bullish phase with potential for 2.1000

• Technical signals   are bullish as RSI is    trending up at 62, moving averages 5,9 ,11DMA’s trending north.

• Immediate resistance is located at 2.0892(23.8%fib), any close above will push the pair towards 2.0921(Higher BB).

• Immediate support is seen at 2.0793 (38.2%fib) and break below could take the pair towards 2.075 (50%fib).

 Recommendation: Good to buy around 2.0860, with stop loss of 2.0680 and target price of 2.0910

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