• GBP/NZD initially rose but later retreated as risk sentiment soured amid fragile US-China relations.
• The U.S. and China on Tuesday imposed additional port fees on ocean shipping firms transporting goods ranging from holiday toys to crude oil..
• In addition, Beijing announced countermeasures against five U.S.-linked subsidiaries of South Korean shipbuilding firm Hanwha Ocean..
• In addition, Beijing unveiled countermeasures targeting five U.S.-linked subsidiaries of South Korean shipbuilding firm Hanwha Ocean.
• Immediate resistance is located at 2.3351 (23.6%fib), any close above will push the pair towards 2.3428 (Higher BB).
• Immediate support is seen at 2.3180(SMA 20) and break below could take the pair towards 2.2983 0(38.2%fib).
Recommendation: Good to buy around 2.3280, with stop loss of 2.2920, and target price of 2.3480
