• GBP/NZD initially gained on but gave up ground as investors digested UK general election results and US jobs data.
• Labour won a massive majority in the 650-seat parliament while Rishi Sunak's Conservatives suffered the worst defeat in the party's long history as voters punished them for a cost of living crisis
• Upcoming data and comments from the new government will drive the finely balanced decision, which will be key for sterling.
• Data showed U.S. non-farm payrolls grew by 206,000 jobs in June, slightly higher than the 190,000 new jobs estimated by economists polled.
• Immediate resistance is located at 2.0918 (Daily high ), any close above will push the pair towards 2.0958(23.6%fib).
• Strong support is seen at 2.0849 (38.2%fib) and break below could take the pair towards 2.0756 (50%fib).
Recommendation: Good to buy around 2.0840, with stop loss of 2.0700 and target price of 2.0910
