• GBP/NZD strengthened on Monday but gains were limited as traders remain cautious ahead of UK jobs and US CPI data.
• Economists expect the UK unemployment rate, due Tuesday, to hold steady at 4.7% for June. However, a recent CIPD survey shows hiring intentions have fallen to pandemic-era lows, while wage growth continues to slow.
• US July’s CPI is expected to rise to 2.8% annually, exceeding the 2% target, and may accelerate further due to new tariffs, particularly on Chinese imports..
• Meanwhile, U.S. President Donald Trump is set to meet Russian President Vladimir Putin in Alaska on August 15 to discuss ending the war in Ukraine, though Kyiv fears it may be excluded from the talks..
• Technical are bearish, daily RSI is negative at 58, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.2713 (Higher BB), any close above will push the pair towards 2.2817(38.2%fib)
• Support is seen at 2.2524 (50%fib) and break below could take the pair towards 2.2303 (Lower BB).
Recommendation: Good to buy around 2.2600 with stop loss of 2.2520 and target price of 2.2680
