• GBP/NZD dipped on Thursday kiwi dollar firmed after the release of stronger-than-expected trade data from New Zealand .
• New Zealand posted a NZ$52 million trade surplus in December, improving sharply from November’s NZ$163 million deficit.This figure came in better than the forecasted surplus of NZ$30 million.
• Exports increased to NZ$7.65 billion from NZ$6.99 billion, while imports rose to NZ$7.60 billion from NZ$7.15 billion previously..
• Technical are bearish, daily RSI is negative at 32 , daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 2.2989 (50%fib), any close above will push the pair towards 2.3208(38.2%fib).
• Immediate support is seen at 2.2657(38.2%fib) and break below could take the pair towards 2.2558 (Lower BB).
Recommendation: Good to sell around 2.2750 with stop loss of 2.2850 and target price of 2.2650
