• GBP/NZD steadied on Tuesday as kiwi dollar declined as markets pared back RBNZ Nov hike bets after a soft inflation report.
• Data showed on Tuesday showed New Zealand's consumer inflation hit a two-year low in the third quarter, prompting markets to pare back the chance of a hike in November to just 17%.
• GBP/NZD is approaching resistance at 38.2% fib, Break above risks run towards 2.0750 level
• From a technical viewpoint, the moving averages are pointing upwardss, while the RSI is strongly bullish at 53.
• Immediate resistance is located at 2.0699 (38.2% fib), any close above will push the pair towards 2.0744(Sep 22nd high).
• Strong support is seen at 2.0584 (50% fib) and break below could take the pair towards 2.0514 (21DMA).
Recommendation: Good to buy around 2.0650, with stop loss of 2.0520 and target price of 2.0750
