• 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
