• GBP/NZD steadied around 2.2618 on Thursday as data suggested the UK labour market was cooling less than had previously been feared.
• Data showed that UK wage growth eased in May and employment declined again in June, though the labour market slowdown appeared less severe than earlier reports had indicated..
• The data follows Wednesday’s release showing June inflation climbing to 3.6%, marking its highest reading since January 2024.
• The likelihood of a 25 basis point cut next month slipped to 77% from 80% the day before, according to traders.
• Immediate resistance is located at 2.2683(50%fib), any close above will push the pair towards 2.2275(Higher BB)
• Support is seen at 2.2574 (SMA 20) and break below could take the pair towards 2.2406 (61.8%fib).
Recommendation: Good to buy around 2.2610 with stop loss of 2.2540 and target price of 2.2720
