• GBP/NZD retreated from daily high on Wednesday as the pair rise faded following stronger Chinese service sector release and higher commodities prices.
• Brent and WTI futures hit five-month intraday highs, lifted by concerns that oil supplies could tighten due to Ukraine's attacks on Russian refineries.
• GBP/NZD turned lower on the session, neared 2.0650 in late in US session. Inverted hammer formation indicates bullish bias looks set to resume
• Technical signals are bullish as RSI is at 62, daily momentum studies 5, 9 and 10 DMAs are trending north.
• Immediate resistance is located at 2.1116 (Daily high), any close above will push the pair towards 2.1209 (23.6% fib).
• Strong support is seen at 2.1037 (9EMA) and break below could take the pair towards 2.1000 (38.2% fib).
Recommendation: Good to buy on dips around 2.1030 , with stop loss of 2.0900 and target price of 2.1100
