• GBP/NZD sustained recent advances Thursday, despite a slew of hawkish U.S. data releases as investors assessed BOE rate cut prospects .
• The market is pricing in 42bp of BoE rate cuts by year-end versus 35bp by the Fed, 61bp by the ECB and 22bp of hikes from the BoJ.
• GBP/NZD was up 0.14% at 2.1026, having risen 2.1064 earlier, highest since April 16th.
• Technical are bullish, daily RSI is positive at 53, simple moving averages 9 and 10 are trending up.
• Immediate resistance is located at 2.1087 (23.6%fib ), any close above will push the pair towards 2.1144 (Higher BB).
• Strong support is seen at 2.0960(38.2%fib) and break below could take the pair towards 2.0885 (Lower BB)
Recommendation: Good to buy around 2.1010, with stop loss of 2.0920 and target price of 2.1100
