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

• GBP/NZD after initially gaining on Tuesday  the pair gave some ground as investors digested data showed that the British economy stagnated in the third quarter of the year.

• The Office for National Statistics lowered  its estimate for GDP growth in the July-to-September period, lowering it to 0.0% from a previous forecast of 0.1% growth.

• In an up-and-down session, the pair hit high at 2.2288 in early trading then dipped  towards 2.2180.

• Technical signals show the pair could gain more ground in the short-term as RSI is turing up, daily momentum studies  14, and 21 DMAs are trending  up.

• Immediate resistance is located at 2.2403 (23.6%fib), any close above will push the pair towards 2.2498 (Higher BB).

• Strong support is seen at 2.2151(38.2%fib) and break below could take the pair towards 2.2000( (Psychological level )

Recommendation: Good to buy around 2.2150 with stop loss of 2.2000 and target price of 2.2400

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