• GBP/NZD initially gained on Friday but gave up some ground after data showed that British retail sales unexpectedly fell in October.
• Retail sales volumes dropped 0.3% month-on-month, following a revised 1.1% decline in September that was worse than first estimated, the Office for National Statistics (ONS) said.
• GBP/NZD continues to trade sideways, bouncing between 1.8980 and 1.8880 range
• Technical signals show RSI is at 52 bullish , daily momentum studies 9, 10 and 11 DMAs are trending upwards.
• Immediate resistance is located at 2.0839 (38.2% fib), any close above will push the pair towards 2.0982 (23.6% fib).
• Immediate support is seen at 2.0739 (50% fib) and break below could take the pair towards 2.0634 (61.8% fib).
Recommendation: Good to buy on dips around 2.0760, with stop loss of 2.0600 and target price of 2.0830
