FxWirePro: GBP/NZD gains some upside momentum but still

GBP/NZD rose on Wednesday amid expectations that incoming Labour leader Andy Burnham would choose a fiscally conservative finance minister.. Burnham is expected to be officially sworn in as prime minister on July 20,...

• GBP/NZD rose on Wednesday amid expectations that incoming Labour leader Andy Burnham would choose a fiscally conservative finance minister.. • Burnham is expected to be officially sworn in as prime minister on July 20, shifting investor focus to his choice of finance minister amid the country's fragile public finances..

• Sterling was also supported by expectations of higher interest rates, resilient economic growth, and record inbound takeover activity involving British companies. •Investors also remain optimistic that Britain can forge closer ties with the European Union, ahead of a summit next week.

• Immediate resistance is located at 2.3210 (61.8%fib), any close above will push the pair towards 2.3303(SMA20). • Immediate support is seen at 2.2965(50%fib) and break below could take the pair towards 2.2886(Lower BB). Recommendation: Good to sell around 2.3210, with stop loss of 2.3300 and target price of 2.3110

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