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

• GBP/NZD initially gained but gave up some ground on Wednesday  as the focus remained on any developments around the Middle East conflict

• The first known indirect talks between the US and Iran in months raised hopes for progress toward ending the Middle East conflict, though neither side signalled a shift ​in stance..

• Market attention was on Washington as Chinese President Xi Jinping begins a three-day visit, with trade, technology ​and Tehran tensions ​in focus...

• Growth in British business activity cooled this month and inflation pressure built, ​a survey showed on Wednesday, an awkward backdrop for finance minister John Healey ​ahead of his first budget in October.

•The S&P Global UK Services Purchasing Managers' Index (PMI) fell in September to 51.7 from 52.5 in August, a three-month low, according to "flash" or preliminary ​data.

• Immediate resistance is located at 2.3538 (23.6%%fib), any close above will push the pair towards 2.3642(Higher BB).

• Immediate support is seen at 2.3243(38.2%fib) and break below could take the pair towards 2.3194(SMA20).

Recommendation: Good to buy around 2.3300, with stop loss of 2.3200 and target price of 2.3380