• GBP/NZD slipped lower On Wednesday as downbeat UK business activity weakened weighed on the pair.
• The S&P Global Composite Purchasing Managers' Index (PMI), a gauge of the private sector economy, slid to 48.2 in April from 51.5 in March.
• The PMI for the services sector fell to 48.9 from 52.5, dropping from a seven-month high in March to a 27-month low this month.
• It was the weakest reading since Nov 2022, when energy shocks and post‑Truss budget turmoil hit businesses.
•From a technical viewpoint, RSI is bearish at 42, daily momentum studies, 5, 10 and 11 trending down.
• Immediate resistance is located at 2.2359(23rd April high), any close above will push the pair towards 2.475(38.2%fib).
• Immediate support is seen at 2.2177(23.6%fib) and break below could take the pair towards 2.2062(Lower BB).
Recommendation: Good to buy around 2.2290, with stop loss of 2.2380, and target price of 2.2220
