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FxWirePro:GBP/NZD neutral in the near term scope for downward resumption

• GBP/NZD initially dipped on Wednesday but recovered some ground as investors awaited   Thursday’s UK GDP data.

• Investors await UK dataset, which includes tentative GDP for the second quarter and a plethora of output data that could indicate the extent of the UK's economic recovery from the slump related to the 2020 pandemic.

• At GMT 21:11, the pair was trading flat  at 1.9721 after reaching daily low at 1.9642.

• Immediate resistance is located at 1.9723 (38.2%fib), any close above will push the pair towards 1.9792 (50%fib)

• Immediate support is seen at 1.9638 (23.6%fib ) and break below could take the pair towards 1.9565(Ichimoku Cloud Base).

Recommendation: Good to sell  around 1.9700, with stop loss of 1.9790 and target price of 1.9620.

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