FxWirePro: GBP/NZD stuck in range but maintains bullish bias

• GBP/NZD gained modestly  on Tuesday  as  investors digested US CPI data and awaited UK GDP   for fresh directional signals..

•U.S.consumer prices showed signs of steadying in December, firming expectations the Federal Reserve will hold benchmark interest rates when it meets later this month.

•  UK GDP data is due on Thursday, but markets are focused on next week’s jobs and inflation figures for guidance on BoE policy.

• Markets are pricing in one, and possibly two, rate cuts in the first half of the year, with further easing possible if inflation cools faster than expected..

• Ahead of major data release, the pound’s direction against major peers remains driven by external events, particularly U.S. developments.

• Immediate resistance is located at 2.3466 (Higher BB), any close above will push the pair towards 2.3522(23.6%fib).

• Immediate support is seen at 2.3287 (SMA 20) and break below could take the pair towards 1.3148(38.2%fib).

Recommendation: Good to buy around 2.3350 with stop loss of 2.3250  and target price of 2.3550