FxWirePro:GBP/NZD extends gains, faces 23.6%fib resistance

• GBP/NZD strengthened on Friday  as U.S. payroll data had minimal impact, as sterling bulls maintained their momentum.

• Nonfarm payrolls increased by 151,000, falling short of the 160,000 forecast, while January’s job gains were revised down by 18,000. The unemployment rate inched up to 4.1%.

•The weak employment report had little impact on expectations for Fed rate cuts this year, as most analysts foresee further declines in job growth ahead.

•Market attention now turns to the U.S. Consumer Price Index (CPI) report on March 12, which could influence Federal Reserve policy expectations.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 69,while moving averages and MACD are trending higher.

• Immediate resistance is located at 2.293(Daily high), any close above will push the pair towards 2.2809(23.6%fib).

• Immediate support is seen at 2.2567 (38.2%fib) and break below could take the pair towards 2.2457(March 4th low).

Recommendation: Good to buy around 2.0480, with stop loss of 2.0250, and target price of 2.650