• GBP/NZD adavanced on Tuesday as sterling gained traction as investors digested UK jobs data.
• The number of employees on company payrolls, based on tax office data, decreased by a provisional 8,000 in July compared to June. This marks the sixth consecutive monthly decline since February, but it is the smallest drop recorded during this period.
• Basic wage growth in the private sector, closely monitored by the Bank of England, slowed slightly to 4.8% in the three months ending in June.
• Technical are bullish, daily RSI is positive at 61, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.2695 (50%fib), any close above will push the pair towards 2.2760(Higher BB)
• Support is seen at 2.2512 (SMA 20) and break below could take the pair towards 2.2441 (61.8%fib).
Recommendation: Good to buy around 2.2650 with stop loss of 2.2520 and target price of 2.2760
