FxWirePro : GBP/NZD firms as traders eye UK GDP data

• 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