• GBP /NZD dipped on Friday after a survey signalled slower hiring activity in August, cementing bets that the Bank of England will pause its interest rate hikes.
• Survey on Thursday showed that employers concerned about the economic outlook reduced hiring through recruitment agencies last month at the fastest pace in more than three years.
• Bears are on course to force a daily close under 2.1101 (50%fib) support,That would open the pathway to much bigger losses toards at 2.1000 level.
• Technicals highlight upside risks. The 5, 9 and 11 day moving averages are trending down, daily RSI is bearish at 49.
• Immediate resistance is located at 2.1233 (38.2% fib), any close above will push the pair towards 2.1261(5DMA).
• Immediate support is seen at 2.1101 (50%fib) and break below could take the pair towards 2.1024(Aug 14th low).
Recommendation: Good to sell around 2.1170, with stop loss of 2.1290 and target price of 2.1100
