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FxWirePro:GBP/ NZD vaults higher on hotter than expected UK wage growth data

• GBP/ NZD strengthened on Tuesday above-forecast UK wage growth data boosted sterling. • Official figures showed British wages excluding bonuses were 7.3% higher in the three months to May than a year earlier. • A rally…

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FxWirePro:GBP/ NZD vaults higher on hotter than expected UK wage growth data
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• GBP/ NZD strengthened on Tuesday   above-forecast UK wage growth data boosted sterling.

• Official figures showed British wages excluding bonuses were 7.3% higher in the three months to May than a year earlier.

• A rally towards 2.100 is   possible if  GBP/ NZD bulls overcome resistance at 23.6%fib.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 64,while moving averages and MACD are trending higher.

• Immediate resistance is located at 2.0925 ( 23.6%fib), any close above will push the pair towards 2.0965 (Higher BB).

• Immediate support is seen at 2.0707 (38.2%fib) and break below could take the pair towards 1.20678 (14DMA).

Recommendation: Good to buy around 2.0850 with stop loss of 2.0710 and target price of 2.0950

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