• GBP/NZD edged up on Wednesday but gains were limited as investors awaited US inflation data and clues about BoE rate outlook.
• U.S. April PCE index data, which will provide an update on the Fed's progress in bringing U.S. inflation down to target.
• The pair is holding near today's high, but repeated failures to push above 38.2%fib resistence is discouraging longs.
• Technical signals are bearish as RSI is at 44, daily momentum studies 5,9 and 10 DMAs are trending down.
• Immediate resistance is located at 2.0824 ( 38.2%fib), any close above will push the pair towards 2.0927 (50% fib)
• Strong support is seen at 2.0713 (23.6%fib ) and break below could take the pair towards 2.0674 (Lower BB).
Recommendation: Good to sell around 2.0800, with stop loss of2.0960 and target price of 2.0720
