• GBP/NZD edged higher initially on Friday but softened later as investors awaited clarity from Britain’s forthcoming budget.
• Finance Minister Rachel Reeves is set to deliver her budget next Wednesday and is widely expected to announce tax increases worth tens of billions of pounds to stabilize bond markets.
• British finance minister Rachel Reeves is expected to raise tens of billions of pounds to stay aligned with her self-imposed fiscal targets.
• Data released on Friday showed growing budget concerns are pressuring the world’s sixth-largest economy, highlighting the difficult task facing Reeves as she aims to cut borrowing without further weighing on already fragile growth..
• Immediate resistance is located at 2.3479(23.6% fib), any close above will push the pair towards 2.3567(Higher BB).
• Immediate support is seen at 2.3255(38.2%fib) and break below could take the pair towards 2.3167(SMA 20).
• Recommendation: Good to buy around 2.3300 with stop loss of 2.3100 and target price of 2.3500
