• GBP/ NZD rebounded on Monday as investors positioned ahead of a pivotal UK inflation report.
• UK July inflation data due on Wednesday. UK CPI is forecast to fall to 8.2% YY.
• Technical highlight upside risks. The 30- and 50-day moving averages lend support, daily RSI is rising at 52.
• Immediate resistance is located at 2.0714 (23.6%fib), any close above will push the pair towards 2.0808(June 30th high).
• Support is seen at 2.0606(30DMA) and break below could take the pair towards 2.0502 (38.2%fib).
• Recommendation: Good to buy around 2.0650, with stop loss of 2.0520 and target price of 2.0730
