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FxWirePro : GBP/NZD gains as sterling strengthens on UK jobs data

• GBP/NZD  adavanced on Tuesday as sterling gained traction as investors digested   UK jobs data.

•  The number of employees on company payrolls, based on tax office data, decreased by a provisional 8,000 in July compared to June. This marks the sixth consecutive monthly decline since February, but it is the smallest drop recorded during this period.

• Basic wage growth in the private sector, closely monitored by the Bank of England, slowed slightly to 4.8% in the three months ending in June.

• Technical are bullish, daily RSI is positive  at 61, daily momentum studies  9 and 10 DMAs are trending up.

• Immediate resistance is located at 2.2695 (50%fib), any close above will push the pair towards 2.2760(Higher BB)

• Support is seen at 2.2512 (SMA 20) and break below could take the pair towards 2.2441 (61.8%fib).

Recommendation: Good to buy  around 2.2650 with stop loss of 2.2520  and target price of 2.2760

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