FxWirePro: GBP/NZD bulls gear up for next leg higher, eyes 2.1050 level

• GBP/NZD extended gains towards  2.0970 level on Friday as the pair was swept up following release upbeat UK GDP data.

• Investors  took heart from data that showed Britain's gross domestic product expanded by 0.1% in monthly terms in February, as expected in a  poll of economists.

• The data will allow the Bank of England (BoE) to feel comfortable about cutting interest rates in the second half of 2024

• The rallied towards  2.0970 (9EMA ) resistance. Sustained  break above  would open the door towards  2.1100 level

• Technical are bullish, daily RSI is negative at 53, daily momentum studies  9 and 10 DMAs are trending up. 

• Immediate resistance is located at 2.0970 (9EMA ), any close above will push the pair towards 1.9644 2.1093 (23.6%fib).

• Strong support is seen at 2.0885(38.2%fib) and break below could take the pair towards 2.0723 (50%fib)

Recommendation: Good to buy around 2.0960, with stop loss of 2.0860 and target price of 2.1050