• GBP/NZD declined on Wednesday as negative UK Oct GDP print weighed on sterling .
• The BoE, along with the European Central Bank, will be releasing its rate decision on Thursday. Both are expected to hold rates steady.
•Gross domestic product (GDP) fell by 0.3% from September, the Office for National Statistics said, adding that exceptionally wet weather might have impacted the data.
• Technical signals are bearish as RSI is at 34, daily momentum studies 10,11 and 14 DMAs are trending down.
• Immediate resistance is located at 2.0410 (38.2%fib ), any close above will push the pair towards 2.0440 (5DMA).
• Immediate support is seen at2.0337 (Daily low ), break below could take the pair towards 2.0260 (23.6%fib).
Recommendation: Good to sell around 2.0350 with stop loss of 2.0450 and target price of 2.0250
