FxWirePro: GBP/NZD runs out of steam but maintains bullish outlook

• GBP/NZD after initially gaining on Tuesday  the pair gave some ground as investors awaited  U.S. inflation data and the British GDP report .

•Thursday's US CPI data is this week's key data event,  Traders will also  keep an eye on UK GDP data  

• In an up-and-down session, the pair hit high at 2.0439 in early trading then retreated  towards 2.0346.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 51, daily momentum studies  5, and 9 DMAs are trending  up.

• Immediate resistance is located at 2.0439 (38.2%fib), any close above will push the pair towards 2.0544 (23.6%fib).

• Strong support is seen at 2.0350(50%fib) and break below could take the pair towards 2.0269 (61.8%fib)

Recommendation: Good to buy around 2.0360 with stop loss of 2.0250  and target price of 2.0460