• 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
