• GBP/NZD strengthened on Wednesday as the pair attracted buyers ahead of the upcoming UK GDP release.
• The pair was also supported by slight weakness in the Kiwi dollar, which faced pressure from mixed risk sentiment and concerns over China’s economic outlook, New Zealands key trading partner.
• The UK will release its Gross Domestic Product (GDP) figures on Thursday, providing data for both March and the first quarter (Q1) of 2025.
• The data will offer a detailed overview of the UK’s economic performance, shedding light on key areas such as consumer spending, business investment, industrial production, and trade...
• Immediate resistance is located at 2.2553(50% fib), any close above will push the pair towards 2.2645 (Higher BB).
• Strong support is seen at 2.2322 (61.8% fib) and break below could take the pair towards 2.2180(Lower BB)
Recommendation: Good to buy around 2.2450 , with stop loss of 2.0360 and target price of 2.2540
