FxWirePro : GBP/NZD loses momentum but bullish bias remains

• GBP/NZD eased slightly on  Thursday as market digested soft US economic data and BoE’s Bailey’s cemments.

•U.S. initial jobless claims rose for the week ending May 24, signaling a weakening labor market. Meanwhile, GDP shrank 0.2% in Q1.

• Bank of England Governor Andrew Bailey said Thursday he hopes for closer future cooperation between Britain and EU regulators on financial services and trade..

• Bailey said closer cooperation is welcome, as trade restrictions since Brexit in 2020 have hurt the UK’s economic capacity.

• On the data front, business confidence in Britain's services sector hit a two-and-a-half-year low in the May quarter, with cost pressures rising partly due to employment tax rises..

• Immediate resistance is located at 2.2614(SMA 11), any close above will push the pair towards 2.2791 (38.2% fib).

• Strong support is seen at 2.2520 (50% fib) and break below could take the pair towards 2.2348(May 13th low)

Recommendation: Good to buy  around 2.2550 , with stop loss of 2.0440  and target price of 2.2650