FxWirePro: GBP/NZD maintains bearish bias with focus on 2.2300 level

• GBP/NZD dipped on Tuesday   as weak labor market data reinforced expectations that the Bank of England may cut interest rates as soon as March.

• Data from the Office for National Statistics showed UK unemployment rose to 5.2% in the three months to December from 5.1%, matching expectations.

• Annual average earnings growth, including bonuses, slowed to 4.2%, below the 4.6% forecast.

• The Bank of England kept rates at 3.75% earlier this month, but stronger-than-expected support for a cut boosted market bets on further reductions this year.

• Technical are bearish, daily RSI is   negative  at 27, daily momentum studies  9 and 10 DMAs are trending down.

• Immediate resistance is located at 2.2589 (38.2%fib), any close above will push the pair towards 2.2679(SMA 20).

• Immediate support is seen at 2.2378(23.6%fib) and break below could take the pair towards 2.2320(Lower BB).

Recommendation: Good to sell around 2.2390 with stop loss of  2.2470  and target price of 2.2300