• GBP/ NZD initially gained on Monday but rally fizzled as investors awaited key UK jobs data.
• key focus will be the weekly earnings growth data which remain above levels consistent with the Bank of England’s 2% inflation target.
• GBP/ NZD approached to test resistance 1.9449 (23.6% fib)but retreated as the pair lost strength.
• Technical highlight upside risks for GBP/ NZD, with momentum studies, 5, 10 and 21 DMAs tracking north
• Immediate resistance is located at 2.0838 ( 23.6% fib), any close above will push the pair towards 2.0913 (Higher BB).
• Immediate support is seen at 2.0760 (Daily low) and break below could take the pair towards 2.0700 (38.2% fib).
Recommendation: Good to buy around 2.0750, with stop loss of 2.0660 and target price of 2.0840
