• GBP/NZD dipped on Wednesday as bears retained control following UK and New Zealand macroeconomic releases.
• British consumer price inflation decelerated to a two-and-a-half-year low of 3.2% in annual terms in March, slightly less than anticipated, compared to a 3.4% rise in February.
• New Zealand's CPI increased to 0.6%, with the annual inflation rate continuing to decline, as per the latest figures from Stats NZ. The CPI rose by 4.0% year-on-year in the first quarter of 2024.
• GBP/NZD drops swiftly from 2.1203 . Break lower at 38.2% fib risks run towards 2.0900 level.
• Immediate resistance is located at 2.1185 (23.6% fib), any close above will push the pair towards 2.1250 (Sep 8th high).
• Strong support is seen at 2.1040 (38.2% fib)and break below could take the pair towards 2.1020 (EMA 14).
Recommendation: Good to sell around 2.1070, with stop loss of 2.1100 and target price of 2.0950
