FxWirePro:GBP/NZD bulls lose traction, cannot add to overnight gains

•GBP/NZD initially gained but gave up some ground on Thursday as investors adopted a cautious stance ahead of the U.S. payrolls data release.

•Traders' focus is likely to shift to Friday's U.S. payrolls report, followed by November inflation data expected next week.

•Markets are pricing in a 74% chance of a 25-basis-point rate cut this month, according to the CME Group's FedWatch Tool.

•A rally towards 2.1750 is possible if GBP/NZD bulls can overcome resistance at the 38.2% Fibonacci level.

Immediate resistance is at 2.1686 (38.2% Fibonacci), with a close above potentially pushing the pair towards 2.1747 (23.6% Fibonacci).

Immediate support is at 2.1634 (50% Fibonacci), and a break below this level could push the pair towards 2.1572 (61.8% Fibonacci).

Recommendation: Consider buying around 2.1670 with a stop loss at 2.1600 and a target price of 2.1750.