• GBP/NZD initially gained but later pared its advance as traders assessed surging oil prices above $100 a barrel amid escalating tensions in the Middle East.
• Investors remained focused on oil prices after Brent crude topped $100 a barrel on Wednesday for the first time since July, fueling concerns over a resurgence in inflation..
• Traders now await U.S. consumer inflation data and UK economic growth figures on Friday for further clues on the outlook for interest rates..
• Markets are pricing in about a 70% chance that the U.S. Federal Reserve will raise rates next week, while the Bank of England is widely expected to hold rates steady.
• Immediate resistance is located at 2.3329(Higher BB), any close above will push the pair towards 2.3530(23.6%fib).
• Immediate support is seen at 2.3226(38.2%fib) and break below could take the pair towards 2.3144(Sep 10th low).
Recommendation: Good to buy around 2.3240, with stop loss of 2.3150 and target price of 2.3400
