• GBP/ NZD initially gained but gave up some ground on Friday as investors digested comments from Federal Reserve Chair Jerome Powell at the central bank's Jackson Hole symposium..
• Global investors cheered Powell’s Jackson Hole remarks, where he signaled a likely September Fed rate cut.
• Meanwhile, A survey on Friday showed British consumer confidence improved slightly this month after the Bank of England’s latest rate cut, though concerns about rising inflation and possible tax hikes persist.
• Technical signals are slightly bullish as RSI is at 70 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 2.3179( 23.6% fib), any close above will push the pair towards 2.3242 (Higher BB).
• Immediate support is seen at 2.2989(38.2% fib) and break below could take the pair towards 2.8307 (50% fib).
• Recommendation: Good to buy around 2.3000 , with stop loss of 2.2900 and target price of 2.3150
