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FxWirePro: GBP/NZD bulls loosen their grip a bit, dips to be bought

• GBP/NZD eased on Monday  as  improved risk sentiment and higher metal price supported kiwi dollar.

• Commodity-linked  currency firmed after gold prices raced past $4,400 per ounce for the first time and copper prices set a record high.

• The Office for National Statistics reported that the UK economy grew 0.1% sequentially in Q3, unchanged from the initial estimate, following Q2’s 0.2% expansion.

• Growth was supported by services and construction, while industrial output fell. The services sector rose 0.2%, down from 0.3% in the previous quarter.

• Immediate resistance is located at 2.04355(Higher BB), any close above will push the pair towards 2.3427(Higher BB).

•  Immediate support is seen at 2.0292(38.2%fib) and break below could take the pair towards 2.0671(23.6%fib).

 Recommendation: Good to buy around 2.0250 with stop loss of 2.0150  and target price of 2.0400
 

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