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FxWirePro: GBP/NZD neutral in the near-term, scope for downward resumption

• GBP/NZD declined on Thursday  as investors digested conflicting messages from  BoE officials ahead of UK GDP data.

• Bank of England (BoE) policymakers Chief Economist Huw Pill, reiterated policy will need to remain restrictive for some time.

• Official gross domestic product (GDP) data for the third quarter is due to be released at 0700 GMT on Friday. UK GDP data   is forecasted to show a 0.1% contraction due to elevated interest rates.

• Technical signals are bearsih as RSI is bearish  at 48, daily momentum studies  5 and 11 DMAs are trending down. 

• Immediate resistance is located at 2.0741( 9DMA), any close above will push the pair towards 2.0796 (50%  fib)

•  Immediate support is seen at 2.0650 (38.2%  fib) and break below could take the pair towards 2.0572(Nov 3rd low).

Recommendation: Good to sell around 2.0700, with stop loss of 2.0800 and target price of 2.0600
 

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