FxWirePro:GBP/NZD runs out of steam but maintains bullish outlook

• GBP/NZD retreated on Friday as investors   focused remained on gilt market turbulence amid growing investor jitters over Britain's finances.

• Sterling has been in focus this week after UK government bonds, or gilts, slumped in a broader bond market sell-off, as rising debt levels across major economies came under scrutiny.

•  On the data front, UK retail sales volumes rose 0.6% in July from June, the Office for National Statistics reported Friday, beating economists’ forecast for a 0.2% increase.

• Technical signals are bullish as RSI is at 55, daily momentum studies  9, 11 and 14 DMAs are trending north. 

• Immediate resistance is located at 2.2988(38.2% fib), any close above will push the pair towards 2.3171 (Higher BB).

• Strong support is seen at 2.2905 (SMA 20) and break below could take the pair towards 2.2805 (50% fib).

Recommendation: Good to buy on dips around 2.2900, with stop loss of 2.0800   and target price of 2.3050