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FxWirePro :GBP/NZD downtrend loses steam but outlook still bearish

• GBP/NZD saw an initial dip but later recovered some ground on Thursday following a stronger-than-expected British business activity survey.

• Britain's economy maintained its momentum from early 2024, with a survey indicating robust growth for services firms and business optimism reaching a two-year high.

• GBP/NZD remains well below 50%fib resistence,daily  close below 38.2%fib support will  increase the scope for much bigger drop towards 2.0300 level .

• Technically, the moving averages are indicating a downward trend, while the Relative Strength Index (RSI) is strongly bearish at 40.

• Immediate resistance is located at 2.0464(Daily high), any close above will push the pair towards 2.0523(50%fib).

• Immediate support is seen at 2.0374 (38.2%fib), break below could take the pair towards 2.0339(Lower BB).

Recommendation: Good to sell around 2.0440  with stop loss of 2.0550  and target price of 2.0380

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