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FxWirePro: GBP/NZD steadies around 2.3600 ,retains bid tone

• GBP/NZD held steady around 2.3600 on Wednesday as investors awaited the release of the UK’s monthly GDP figures for fresh trading signals.

• The UK economy is projected to have contracted 0.1% in August following solid growth of 0.4% in July, with upcoming manufacturing and industrial production data expected to provide additional clues about economic conditions.

• Meanwhile, Bank of England Chief Economist Huw Pill, who has backed quarter-point rate hikes in recent months, expressed scepticism about market expectations for four interest-rate increases over the coming year.

• Markets are pricing in an almost certain Bank of England rate hike in November, followed by three additional increases by September 2027.

• Immediate resistance is located at 2.3681(23.6%fib ), any close above will push the pair towards 2.3774 (Higher BB).

• Strong support is seen at 2.3518(38.2%fib) and break below could take the pair towards 2.3495(SMA 20).

Recommendation: Good to buy  around 2.3550 with stop loss of 2.3450 and target price of 2.3700
 

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