FxWirePro: GBP/NZD edges higher but bearish outlook persists

• GBP/NZD edged higher on Thursday as the pound drew support from an upward revision to business activity data that painted a brighter picture of the economy..

• November’s S&P Global UK Composite Purchasing Managers’ Index, which covers both services and manufacturing, was revised higher on Wednesday, lending support to the pound. .

• The pound has recovered in the past week after the bond market absorbed Rachel Reeves’s long-anticipated budget without major disruption.

• Markets were worried that Reeves’s plans for higher taxes and heavy spending might unsettle bond investors.

• Immediate resistance is located at 2.3226(50%fib), any close above will push the pair towards 2.3355(Nv 13th high).

•  Immediate support is seen at 2.2979(50%fib) and break below could take the pair towards 2.2926 (Lower BB).

  Recommendation: Good to sell around 2.3180 with stop loss of 2.3250 and target price of 2.3080