• GBP/NZD strengthened on Friday as boosted pound after data showed UK retail sales rebounded unexpectedly in August
• UK retail sales recovered more than expected in August as online shopping and warmer weather boosted demand for seasonal goods, according to ONS data released Friday..
• Retail sales rose 0.5% month-on-month in August, reversing July’s 0.5% decline and beating expectations for a 0.2% fall.
•Excluding auto fuel, retail sales increased 0.6 percent, reversing a 0.9 percent fall in July. Economists had forecast a 0.2 percent decrease for August..
• Immediate resistance is located at 2.3431(Daily high), any close above will push the pair towards 2.3527(23.6%fib).
• Immediate support is seen at 2.3128 (38.2%fib) and break below could take the pair towards 2.2300 (SMA 20).
Recommendation: Good to buy around 2.3360, with stop loss of 2.3240 and target price of 2.3500
