FxWirePro: GBP/NZD uptrend loses steam, remains on bullish path

• GBP/ NZD initially dipped but recovered some ground   as investors looked past U.S. shutdown developments and awaited UK economic data to gauge the Bank of England’s next moves.

•  The UK Office for National Statistics (ONS) is set to release its third-quarter reports on Thursday, covering both GDP growth and productivity.

• Last month’s ONS data showed UK economic growth of 0.1% in August, with July’s growth figures revised lower.

• A poll of   economists   expect  a modest 0.2% growth rate over Q3, while the Bank of England warned that uncertainty around the budget was stalling activity.

• Immediate resistance is located at 2.3470 ( 23.6%fib), any close above will push the pair towards 2.3562 (Higher BB).

•  Immediate support is seen at 2.3203(SMA 20) and break below could take the pair towards 2.3084 (38.2% fib).

 Recommendation: Good to buy around 2.3300  with stop loss of 2.3160 and target price of 2.3400