FxWirePro: GBP/NZD ticks down after UK GDP data disappoints

• GBP/NZD dipped on Friday after data showed gross domestic product contracted   in the August-to-October period.

• The Office for National Statistics reported that gross domestic product fell by 0.1% over the August–October period.

• The Office for National Statistics reported that GDP shrank by 0.1% over the August–October period, underscoring the economy’s sluggish momentum heading into year-end.

• The latest data reinforced expectations that the BoE will cut rates next week, though the move has been largely priced in for weeks.

• Immediate resistance is located at 2.3139(50%fib), any close above will push the pair towards 2.3165 (SMA 20).

•  Immediate support is seen at 2.963(38.2%fib) and break below could take the pair towards 2.2891(Lower BB).

 Recommendation: Good to sell around 2.3060 with stop loss of 2.3130 and target price of 2.2900