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

•GBP/NZD initially gained but gave up ground  as traders awaited key data to gauge the state of the UK economy.

• Investors await clearer economic signals, with GDP data due Thursday and jobs figures next week to guide the Bank of England’s policy outlook.

• Money markets are pricing an 88% chance of the BoE holding its rates at 3.75% when it meets on February 5, after December's 0.25% cut.

•Meanwhile, data showed U.S. job growth slowed more than expected in December amid losses in construction, retail, and manufacturing, though a fall in the unemployment rate to 4.4% pointed to a resilient labour market.

• U.S. nonfarm payrolls rose by 50,000 jobs last month, following a downwardly revised increase of 56,000 in November, according to the Labor Department’s Bureau of Labor Statistics.. 

• Immediate resistance is located at 2.3447(Daily high), any close above will push the pair towards 2.3541(23.6%fib).

• Immediate support is seen at 2.3336 (38.2%fib) and break below could take the pair towards 2.3230(SMA 20).

Recommendation: Good to buy around  2.3370, with stop loss of 2.3300 and target price of 2.3450