• GBP/NZD was little changed on Thursday as investors were cautious in the run up to likely interest rate guidance from central bankers at Jackson Hole.
•At GMT 18:39, the pair was trading up 0.05 percent at 2.1290,after reaching daily high 2.1356
• Investors waiting for Fed Chair Jerome Powell’s speech on Friday for confirmation on whether interest rates are going to stay higher for longer.
• Technicals are favouring bearish sentiment as RSI has turned lower and the pair is trading below 5 & 9-DMAs.
• Immediate resistance is located at 2.1386 (5DMA), any close above will push the pair towards 2.1486 (23.6%fib)
• Support is seen at 2.1250 (38.2% fib) and break below could take the pair towards 2.1178 (Aug 15th low).
Recommendation: Good to sell around 2.1300 with stop loss of 2.1450 and target price of 2.1180.
