• GBP/ NZD strengthened on Tuesday as record UK wage growth drove pound higher.
• Basic earnings in Britain hit a new record growth rate, adding to worries for the BoE about long-term inflation pressures even after 14 back-to-back increases in interest rates.
• At GMT 17:59, the pair was trading up 0.45 percent,highest level since since 2nd March 2020.
• From a technical viewpoint, the moving averages are pointing upwards, while the RSI is strongly bullish at 68.
• Immediate resistance is located at 2.1339(23.6%fib), any close above will push the pair towards 2.1384 (Higher BB).
• Strong support is seen at 2.1167 (5DMA) and break below could take the pair towards 2.1065 (5DMA )
Recommendation: Good to buy around 2.1300 with stop loss of 2.1200 and target price of 2.1390
