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

• GBP/NZD after initially falling the pair recovered some ground as investors waited economic data from around the globe to gauge the monetary policy outlook.

• Most investors anticipate the Bank of England will cut interest rates by about 0.5% this year, as inflation is expected to remain above the 2% target.

• This week's focus is on the December U.S. nonfarm payrolls report due on Friday, a metric for gauging the Federal Reserve's interest rate path for 2025.

• Technical signals show the pair could gain more ground in the short-term as RSI is  up at 65, daily momentum studies  14, and 21 DMAs are trending  up.

• Immediate resistance is located at 2.2203 (38.2%fib), any close above will push the pair towards 2.2377 (23.6%fib).

• Strong support is seen at 2.2052(50%fib) and break below could take the pair towards 2.1928( (61.8%fib)

Recommendation: Good to buy around 2.2120 with stop loss of 2.2000 and target price of 2.2200