• GBP/NZD slipped to hit one week low on Wednesday as sterling attracted seller after UK's consumer price index (CPI) for October showed a weaker-than-anticipated increase.
• The data is likely to solidify the market's view that the BoE is close to ending its rate hikes, with potential implications for monetary policy.
•At GMT 16:19, the pair was trading up 0.79 percent at 2.0636 after reaching daily low at 2.0603.
•Technical signals are bearish as RSI is at 44, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 2.0737(50%fib), any close above will push the pair towards 2.0782 (21DMA)
• Immediate support is seen at 2.0519(38.2%fib ) and break below could take the pair towards 2.0482(Sep 22nd low).
Recommendation: Good to sell around 2.0650 with stop loss of 2.0750 and target price of 2.0550
