FxWirePro : GBP/NZD uptrend loses steam, remains on bullish path

•GBP/NZD eased from overbought territory on Thursday as investors assessed a fresh batch of U.S. economic data.

• U.S. inflation increased further in May, breaking above 4.0% for the first time in three years on higher energy prices, and potentially drawing the Federal Reserve closer to raising interest rates..

• A final reading of first-quarter GDP data showed the economy grew by ​2.1%, compared to a prior estimate ​of 1.6%. Meanwhile, jobless claims data ⁠showed a higher-than-expected fall in the number of Americans filing for unemployment benefits..

• Traders anticipate the Bank of England ⁠will hike borrowing costs by 25 basis points by year-end..

•In politics, Finance Minister Rachel Reeves announced her support for Andy Burnham, ⁠who ​is widely anticipated to become the UK's ​seventh prime minister in a decade two weeks from now.

• Immediate resistance is located at 2.3381(23.6%fib), any close above will push the pair towards 2.3477(Higher BB)

• Support is seen at 2.3199 (38.2%fib) and break below could take the pair towards 2.3045(50%fib).

Recommendation: Good to buy  around 2.3280 with stop loss of 2.3200 and target price of 2.3350