FxWirePro :GBP/NZD elicits support from UK November GDP data, bullish technical outlook persists

• GBP/NZD initially dipped on Friday but recovered some ground as upbeat UK GDP data  prevented the pair from losing sharp ground to bears .

•Britain's economy expanded by 0.3% month-on-month in November, surpassing economists' expectations of 0.2% growth.

• Choppy overnight action lead  to a short lived dip but  buyers emerged near 38.2%fib support.

• Technical are bullish, daily RSI is positive  at 52, daily momentum studies  5 ,9 and 11 DMAs are trending up.

• Immediate resistance is located at 2.0455 (23.6%fib), any close above will push the pair towards 2.0557 (Higher BB).

• Immediate support is seen at 2.03660  (38.2%fib ) and break below could take the pair towards 2.0272  (50%fib).

Recommendation: Good to buy  around  2.0400, with stop loss of  2.0250 and target price of  2.0480