• GBP /NZD slipped below2.3000 level as market eyes turned to Friday’s core PCE data release.
• Economists polled by Reuters expect the PCE price index to rise 2.6% in July, matching June's rise.
• The figures are expected to provide key insights into consumer spending trends and inflationary pressures, potentially influencing the central bank’s upcoming policy decisions, including interest rate adjustments.
• Market participants are closely watching for any surprises that could shift expectations for future monetary policy.
• Immediate resistance is located at 2.3090 (Daily high), any close above will push the pair towards 2.3250 (23.6% fib).
• Immediate support is seen at 2.2950 (38.2% fib) and break below could take the pair towards 2.2817 (SMA 20).
Recommendation: Good to buy on dips around 2.2950, with stop loss of 2.2800 and target price of 2.3100.
