FxWirePro:GBP/NZD uptrend stalled, progress needed soon to sustain
• GBP/ NZD gained on Wednesday as a drop in daily new cases for a seventh straight day in UK lifted the pair.
• The pair attempted to breach resistance at 2.0057(23.6% fib)and dipped towards 1.9960 level . A decisive break closure above 2.0057(23.6% fib) could generate further gains.
• Any downside correction is likely to be temporary as barrier at 1.9833 (50% fib) is set to restricting lower move.
• Immediate resistance is located at 2.0000 ( Psychological level), any close above will push the pair towards 2.0057(23.6% fib).
• Immediate support is seen at 1.9961 (38.2% fib) and break below could take the pair towards 1.9833 (50% fib).
Recommendation: Good to buy around 1.9960, with stop loss of 1.9880 and target price of 2.0050