FxWirePro: GBP/NZD slide lower shifts pressure to the downside

• GBP/NZD edged lower on Friday as commodity-linked new Zealand dollar outpaced their pound as commodity prices rose ahead of a widely expected rate cut next week from the Fed.

• Benchmark copper futures hit an all-time high of $11,705 a metric ton earlier, after Citi upgraded its price forecast based on supply concerns and expectations for a Fed rate cut.

• Brent crude futures rose 0.7% to $63.70 a barrel, while gold was flat at $4,206.93 an ounce. Silver was up 2.26% at $58.41 an ounce.

•Meanwhile,U.S. data showed the core Personal Consumption Expenditures (PCE) Price Index rose 0.3% in September, while the annual rate eased to 2.8% from 2.9% in August.

• Immediate resistance is located at 2.3193(Dec 3rd high), any close above will push the pair towards 2.3240(38.2%fib).

•  Immediate support is seen at 2.3026(50%fib) and break below could take the pair towards 2.2989 (Lower BB).

 Recommendation: Good to sell around 2.3100 with stop loss of 2.3180 and target price of 2.3020