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FxWirePro:GBP/NZD bulls gear up for next leg higher, eyes 2.1500 level

• GBP/NZD rose towards  2.1450 level   on Tuesday  as GBP  continued  to gain upward traction ahead of UK inflation data release.

• Upcoming UK CPI and labour market reports will be crucial in determining whether the Bank of England (BoE) will begin cutting rates as early as next month.

• The BoE will need further evidence of slowing services inflation  or labour market weakness to gain the confidence needed to vote for a rate cut in August.

• The pound jumped 0.43% at 2.1443 against kiwi dollar , highest level since Sep 7thd 2023.

• Immediate resistance is located at 2.1451 (Daily high ), any close above will push the pair towards 2.1489 (23.6%fib).

• Strong support is seen at 2.1325(38.2%fib) and break below could take the pair towards 2.1230 (July 15th low)

Recommendation: Good to buy around 2.1430, with stop loss of 2.1340 and target price of 2.1500
 

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