• 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
