FxWirePro: GBP/NZD upside pauses shy of 61.8% Fib, largely unchanged after UK manufacturing PMI meets estimates

GBP/NZD chart on Trading View used for analysis

• GBP/NZD is trading at 1.9430 at 0950 GMT, down 0.25% at the time of writing.
   
• Data released earlier today showed UK manufacturing PMI matched estimates at 52.0.
   
• BoE’s Consumer Credit expanded to £1.095 billion in Jan and M4 Money Supply expanded at a monthly 0.2% during the same period. 
   
• Further UK Mortgage Approvals increased to 66.77K during the first month of the year, surpassing prior surveys.
   
• The pair has paused upside short of 61.8% Fib and we see scope for further weakness below 5-DMA.
   
• Technical studies do not support major weakness in the pair. Momentum still with the bulls.
   
• Price has broken above 200-DMA and we see some consolidation before the next leg higher.

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