• GBP/NZD eased on Thursday as this week’s string of disappointing UK data continue to weigh on sterling.
• Data this week has painted a fairly stagflationary picture for the British economy, with wage growth still running hot, while economic growth had completely stalled in April..
• The pair is approaching to test 23.6%fib support. A break under would unmask 2.0600 level in the short term.
• Immediate resistance is located at 2.0807(38.2%fib), any close above will push the pair towards 2.0949(50%fib).
• Immediate support is seen at2.0642 (23.6%fib ), break below could take the pair towards 2.0585 (Lower BB).
Recommendation: Good to sell around 2.0690 with stop loss of 2.0770 and target price of 2.0620
