FxWirePro:GBP/ NZD runs out of steam but maintains bullish outlook

• GBP/NZD initially gained  on Thursday  but  early rally fizzled out after soft data  UK GDP data 

• The pair  also came under slight   pressure ahead of the upcoming Good Friday holiday, month and quarter-end and Friday's PCE data.

• Official data confirmed Britain's economy entered a shallow recession last year, with GDP shrinking by 0.1% in the third quarter and by 0.3% in the fourth quarter, unchanged from preliminary estimates.

• Technical signals are bearish as RSI is heading up at 69  , daily momentum studies  5, 9 and 11 DMAs are trending north. 

• Immediate resistance is located at 2.1180 (Daily high ), any close above will push the pair towards 2.1208 (23.6%fib).

• Strong support is seen at 2.1029 (38.2%fib) and break below could take the pair towards  2.0933  (22nd March  low).

Recommendation: Good to buy   around 2.1100, with stop loss of 2.1000 and target price of 2.1200