• GBP/ NZD initially gained on Wednesday but gave up some ground as upcoming UK budget and the U.S. presidential election prompted investors to stau away from risky assets.
• The Bank of England meets in two weeks to take a call on interest rates, with the markets fully pricing a rate cut in November, and see a likely further rate cut in December.
• At GMT 23:16, the pair was trading up 0.01% at 2.1505, retreating frpm daily high.
• Technical signals are strongly bullish as RSI is bullish, 5, 9,11 DMAs are trending up.
• Immediate resistance is located at 2.1566(23.6%fib), any close above will push the pair towards 2.1623(Oct 16th high).
• Immediate support is seen at 2.1513(SMA 5)and break below could take the pair towards 2.1479(38.2%fib).
Recommendation: Good buy around 2.1500, with stop loss of 2.1400 and target price of 2.1600
