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FxWirePro:GBP/NZD attracts selling interest after UK GDP data, could be on verge of a bigger drop

• GBP/NZD dipped on Friday after data showed Britain's economy showed zero growth in the final three months of 2022.

•Monthly gross domestic product data for December - when there were widespread strikes in the public sector, rail and postal services - showed a 0.5% contraction

• The pound   erased Thursday’s gains against the kiwi dollar , the pair was last down  at 0.17% at  1.9115  .

• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below   5,10 & 11-DMAs.

• Immediate resistance is located at 1.9199 (38.2% fib), any close above will push the pair towards 1.9250(Jan 3rd high)

• Strong support is seen at 1.9095 (50% fib)and break below could take the pair towards 1.9067 (14DMA).

Recommendation: Good to sell  around 1.9120 with stop loss of 1.9200 and target price of  1.9030

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