FxWirePro: GBP/NZD gains some upside momentum but still bearish

• GBP/NZD recovered some ground on Thursday as the pound regained some ground against the kiwi ahead of the release of UK October GDP data.

• Investors are looking ahead to the UK's October GDP data on Friday for clues on the health of the domestic economy.

• The upcoming UK GDP data will provide the final fundamental cue before the highly anticipated BoE meeting next week. 

• The Bank of England is widely expected to cut interest rates next week, with a Reuters poll showing all economists forecasting a 25-basis-point cut to 3.75%, as easing inflation and softer economic signals sway a narrowly split MPC toward loosening policy.

• Immediate resistance is located at 2.3066(50%fib), any close above will push the pair towards 2.3176 (SMA 20).

•  Immediate support is seen at 2.3098(Daily high) and break below could take the pair towards 2.3154 (SMA 20).

 Recommendation: Good to sell around 2.3060 with stop loss of 2.3130 and target price of 2.2900