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FxWirePro : GBP/NZD set for bigger drop, but close below key fibo needed

• GBP/NZD declined on Thursday  after data showed  Britain's economy fell into a recession in the second half of 2023.

• Gross domestic product (GDP) contracted by 0.3% in the three months to December, having shrunk by 0.1% between July and September, official data showed.

•The fourth-quarter contraction was deeper than all economists' estimates in a   poll, which had pointed to a 0.1% decline.

• A close below   support at 38.2%fib will give further momentum to bears, opening the way for a run towards 2.0450  level.

• Immediate resistance is located at 2.0684 (50%fib), any close above will push the pair towards 2.0802 (61.8%fib).

• Immediate support is seen at2.0532 (38.2%fib ), break below could take the pair towards 2.0483 (Lower BB).

Recommendation: Good to sell around 2.0630  with stop loss of 2.0740  and target price of 2.0520  

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