• GBP/NZD strengthened on Thursday as investors digested mixed UK business activity data.
•The S&P Global UK Composite Purchasing Managers' Index (PMI), a gauge of the private sector economy, rose to 49.4 from 48.5 in April, roughly as expected by economists
• The UK manufacturing PMI fell to 45.1 from 45.4 and the jobs index for the sector sank to its lowest level since the onset of the COVID-19 pandemic.
• The UK services PMI rose to 50.2 in May, up from 49.0 in the previous month, signaling a modest return to expansion.
• Immediate resistance is located at 2.2867 (38.2% fib) any close above will push the pair towards 2.3000(Psychological level ).
• Strong support is seen at 2.2635 (50% fib) and break below could take the pair towards 2.2533 (SMA 14)
Recommendation: Good to buy around 2.2690, with stop loss of 2.0600 and target price of 2.2750
