FxWirePro : GBP/NZD hovers around 2.2575 downtrend looks likely to resume

• GBP/NZD edged higher  on Thursday   as investors digested New Zealand’s manufacturing PMI data and awaited fresh catalyst.

• New Zealand’s January manufacturing PMI eased slightly to 55.2 from 56.1, signaling continued expansion but at a slower pace, suggesting some moderation in industrial activity.

• Markets are closely watching Wednesday’s policy decision from the Reserve Bank of New Zealand, with forward guidance expected to play a key role in shaping the NZD’s near-term direction.

• Despite the recent pullback, the GBP/NZD remains in a broader 2026 down trend, with   2.2350 seen as the next key downside target.

• Technicals are favouring bearish sentiment as RSI has turned lower and the pair is trading below   14 & 21-DMAs.

• Immediate resistance is located at 2.2695 (38.2%fib), any close above will push the pair towards 2.2750(SMA 20)

• Support is seen at 2.2466(23.6% fib) and break below could take the pair towards 2.2345 (Lower BB).

Recommendation: Good to sell  around 2.2590  with stop loss of 2.2700 and target price of 2.2500