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FxWirePro:GBP/ NZD ekes out gain after US CPI data, UK CPI moves into focus

• GBP/ NZD initially rose on strong  UK  wages data on Tuesday but eked out some  of gains as market braced for UK CPI data on Wednesday.

• Wednesday's UK CPI data will be gauged for hints of near-term BoE policy shifts, higher or lower.

• GBP/NZD has seen 1.9309-1.9079 range on Tuesday, it was last trading at 1.9212.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55,while moving averages and MACD are trending higher.

• Immediate resistance is located at 1.9217( Jan 5th high), any close above will push the pair towards 1.9292 (23.6%fib).

• Immediate support is seen at 1.9166 (38.2%fib) and break below could take the pair towards 1.9136(5DMA).

Recommendation: Be on side-lines

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