• GBP/NZD gained upward traction on Tuesday after labour market data put the Bank of England on track to cut interest rates next month.
• British wages climbed at the weakest rate in almost two years in the August quarter, according to data. The unemployment rate dropped to 4.0%, the lowest number this year.
• Technicals are favouring bullish sentiment as RSI is at 62 and the pair is trading above 11 & 21-DMAs.
• Immediate resistance is located at 2.1590 (23.6%fib ), any close above will push the pair towards 2.1639 (Higher BB).
• Strong support is seen at 2.1463 (38.2%fib) and break below could take the pair towards 2.1421 (Oct 15th low).
Recommendation: Good to buy around 1.9580, with stop loss of 1.9450 and target price of 1.9670
