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FxWirePro: GBP/NZD holds above 2.1400 ,but upside is limited

• GBP/NZD traded in quiet range  as investors digested  slightly disappointing UK pay growth data .   

•  Britain's statistics office reported that total earnings, including bonuses, also grew by 5.7% over the period, slower than 5.9% in the three months to April.

• GBP/NZD traded in a 2.1368 /2.1436 range and was last  trading at 2.1417 in US afternoon.  

• The daily relative strength indicator and fourteen-day momentum are in over-bought territory, adding to the retracement argument.

• Immediate resistance is located at 2.1447 (23.6%fib ), any close above will push the pair towards 2.1527 (Higher BB).

• Strong support is seen at 2.1338 (July 17th low ), and break below could take the pair towards 2.1297 (38.2%fib).

Recommendation: Good to sell on  around 2.1430 with stop loss of 2.1550 and target price of 2.1350

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