FxWirePro : GBP/NZD loses momentum but bullish setup remains

• GBP/NZD edged slightly lower on Thursday as sterling was weighed down by disappointing economic data releases from the UK.  

• Britain’s economy saw a sharp slowdown in April, hit by the fallout from U.S. President Trump’s sweeping tariff announcement and the expiry of a property tax break, according to official data released Thursday.

•UK gross domestic product (GDP) contracted by 0.3% in April from March, marking the sharpest monthly decline since October 2023. The drop was steeper than the 0.1% fall forecast and followed 0.2% growth in March..

• Separately, the ONS reported that the UK's goods trade deficit widened sharply to £23.2 billion in April from £19.9 billion in March, exceeding expectations of a £20.4 billion gap.

• Immediate resistance is located at 2.2576 (Daily high), any close above will push the pair towards 2.2702(38.2% fib).

• Strong support is seen at 2.2404(61.8% fib) and break below could take the pair towards 2.2281(Lower BB)

Recommendation: Good to buy  around 2.2430 , with stop loss of 2.0350 and target price of 2.2560