• GBP/NZD traded flat on Monday as investors were cautious ahead of UK Autumn Budget.
• Finance Minister Rachel Reeves will unveil her highly anticipated budget on Wednesday, aiming to reassure investors of the government’s fiscal discipline while keeping its pledge not to raise taxes on working families.
• She is not expected to violate her election promise on income tax, opting instead to lift various other taxes.
• The UK economy has largely been mired in slow growth since the 2007–08 financial crisis, a situation Reeves and Prime Minister Keir Starmer promised to tackle when Labour regained power in 2024.
• Immediate resistance is located at 2.3504(23.6% fib), any close above will push the pair towards 2.3610(Higher BB).
• Immediate support is seen at 2.3208(SMA 20) and break below could take the pair towards 2.3132(38.2%fib).
Recommendation: Good to buy around 2.3320 with stop loss of 2.3250 and target price of 2.3500


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