• 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
