• GBP/NZD initially gained but gave up some ground as investors digested New Zealand GDP data.
• New Zealand’s economy recorded a modest Q4 gain, below analyst expectations, prompting a decline in the New Zealand dollar as markets priced in a slower pace of tightening from the Reserve Bank of New Zealand.
• Official data released on Thursday showed New Zealand’s Q4 GDP grew 0.2% quarter-on-quarter, below analysts’ forecast of 0.4%.
• Annual GDP in New Zealand rose 1.3%, according to Statistics New Zealand, missing market expectations of 1.7%, highlighting slower-than-anticipated economic growth...
• Immediate resistance is located at 2.2941 (61.8%fib), any close above will push the pair towards 2.2969(Higher BB).
• Immediate support is seen at 2.2777(50%fib) and break below could take the pair towards 2.2677(SMA 20).
Recommendation: Good to buy around 2.2820 with stop loss of 2.2700 and target price of 2.2950
