• GBP/NZD drifted lower on Thursday as increased risk sentiment and higher commodity prices boosted kiwi dollar.
• Iron ore futures surged on Thursday to their highest level in over a week, while oil prices increased by about 1%. Copper prices also climbed, reaching their highest point in nearly two weeks.
. •At GMT 17:33, the pair was trading down 0.07 percent at 2.1237 after reaching daily high at 2.1237.
• Technical highlight downside risks for GBP/NZD, with momentum studies, 5, 10 and 11 DMAs tracking south.
• Immediate resistance is located at 2.1367 (38.2%fib), any close above will push the pair towards 2.1435 (Aug 19th high).
• Immediate support is seen at 2.1193 (50%fib) and break below could take the pair towards 2.1116(Aug 7th low).
Recommendation: Good to sell around 2.1240, with stop loss of 2.1300 and target price of 2.1140