• GBP/NZD dipped on Tuesday as soft UK labour market data bolstered investors' bets for more rate cuts this year from the Bank of England.
• Pay growth slowed significantly while the unemployment rate rose to its highest level in nearly four years in the three months to April, Britain's Office for National Statistics said.
• The April report was the first after employers were affected by a 25 billion pound ($34 billion) raise in social security contributions which came into action at the start of the month, as well as a 6.7% increase in the minimum wage.
• Technicals are favouring bearish sentiment as RSI has turned lower and the pair is trading below 9 & 14-DMAs.
• Immediate resistance is located at 2.2446 (38.2%fib), any close above will push the pair towards 2.2502 (June 9th high)
• Support is seen at 2.2277 (Lower BB) and break below could take the pair towards 2.1164 (23.6%fib).
Recommendation: Good to sell around 2.2350 with stop loss of 2.2450 and target price of 2.2250
