FxWirePro : GBP/NZD sustains gains as uptrend remains strong

• GBP/NZD  advanced on Fridays Kiwi remained under pressure on growing expectation of an aggressive rate cut by the RBNZ

•   New Zealand’s economy contracted more than expected in the second quarter, dragged down by a continued slump in construction and global uncertainty, fueling expectations of a sharper rate cut in October.

• Meanwhile, trade tensions resurfaced after Trump on Thursday announced a fresh round of punishing tariffs on a broad range of imported goods, including 100% duties on branded drugs.

•Britain said on Friday it was engaging with Washington over the pharmaceutical measures, hoping for a favourable outcome.

• Technicals are favoring bullish sentiment as RSI is at 68 and the pair is trading above 5,9& 11-DMAs.

• Immediate resistance is located at 2.3234(23.6%fib), any close above will push the pair towards 2.3270(Higher BB)

• Strong support is seen at 2.3124(Daily low)and break below could take the pair towards 2.3061(38.2% fib).

Recommendation: Good to buy around 2.3200  with stop loss of 2.3100 and target price of  2.3300