FxWirePro: GBP/NZD bulls loosen their grip a bit, dips to be bought

• GBP/NZD  dipped slightly    as traders positioned for a likely Andy Burnham premiership in Britain  

• Markets continued to assess Burnham's Monday address, in which he outlined plans to decentralize power and foster regional growth through greater cooperation.

• Markets were initially cautious about a Burnham premiership amid expectations of higher borrowing and public spending.  

• As political and fiscal uncertainty eases, market attention is shifting back to monetary policy, putting this week's U.S. payrolls report under the spotlight for clues on the Fed's near-term policy path.

•  Tuesday's data confirmed Britain's economy grew 0.6% in the first quarter, in line with initial estimates and having little impact on markets

• Technicals leans bullish as RSI is at 61 bullish, and  9,11 and 14 DMA’s are trending up.

• Immediate resistance is located at 2.3483 (23.6%fib ), any close above will push the pair towards 2.3678(Higher BB).

• Strong support is seen at 2.3283 (38.2% fib) and break below could take the pair towards 2.3138(SMA 20).

Recommendation: Good to buy  around 2.3320, with stop loss of 2.3220,  and target price of 2.3520,