FxWirePro: GBP/NZD remains weak, eyes 2.2900 level

• GBP/NZD edged lower on Wednesday as investors digested sticky UK inflation data for December...

•UK inflation rose faster than expected in December, driven by airfares and tobacco prices, but is expected to ease back toward the 2% target as utility price effects fade.

•The ONS said CPI inflation rose to 3.4% in December from 3.2% in November, above forecasts of 3.3%..

•This week at the World Economic Forum in Switzerland's Davos, world leaders, policymakers and corporate executives are scheduled to deliver ‍speeches that could steer market sentiment.

• Markets are now focused on Friday’s New Zealand Q4 inflation data, with upside risks. A Reuters poll forecasts a 0.5% quarterly rise, keeping annual inflation at 3%, the upper end of the target range.

• Immediate resistance is located at 2.3089(Jan 22nd high), any close above will push the pair towards 2.3200(38.2%fib).

• Immediate support is seen at 2.2900(50%fib) and break below could take the pair towards 2.2861(Lower BB).

Recommendation: Good to sell  around  2.3020, with stop loss of 2.3160 and target price of 2.2900