• GBP/ NZD initially rose on strong UK wages data on Tuesday but eked out some of gains as market braced for UK CPI data on Wednesday.
• Wednesday's UK CPI data will be gauged for hints of near-term BoE policy shifts, higher or lower.
• GBP/NZD has seen 1.9309-1.9079 range on Tuesday, it was last trading at 1.9212.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 55,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.9217( Jan 5th high), any close above will push the pair towards 1.9292 (23.6%fib).
• Immediate support is seen at 1.9166 (38.2%fib) and break below could take the pair towards 1.9136(5DMA).
Recommendation: Be on side-lines
