• GBP/ NZD rose sharply on Wednesday as Kiwi dollar continued to be hit by weaker commodities and growing pessimism about China's economic prospects.
•On the data front, British business activity picked up this month, July's S&P Global Flash Composite Purchasing Managers' Index rose to 52.7 from June's six-month low of 52.3
•The services PMI rose slightly less than expected, while the smaller manufacturing sector beat expectations to hit its highest since July 2022.
• Immediate resistance is located at 2.1811(Daily high), any close above will push the pair towards 2.1912 (Higher BB).
• Immediate support is seen at 2.1713 (23.6%fib)and break below could take the pair towards 2.1626(July 23rd low).
Recommendation: Good buy around 2.1730, with stop loss of 2.1600 and target price of 2.1850
