• 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
