• GBP/NZD declined on Tuesday as the New Zealand dollar gained strength on encouraging trade data from New Zealand.
• New Zealand's trade deficit decreased to NZ$0.963 billion, an improvement from the NZ$1.174 billion deficit recorded in July 2023.
•New Zealand’s goods exports surged by 14% year-on-year to NZD 6.1 billion, while goods imports also increased by 8.5% year-on-year.
• The pair has seen 2.1265 from 2.1170 range on Tuesday , chart points to an drop towards level 2.1100 level.
• Immediate resistance is located at 2.1282 (38.2%fib), any close above will push the pair towards 2.194(23.6%fib).
• Immediate support is seen at 2.1151 (Daily low) and break below could take the pair towards 2.1086 (61.8%fib).
Recommendation: Good to sell around 2.1180, with stop loss of 2.1280and target price of 2.1100
