• GBP/NZD dipped on Thursday but recovered some ground as investors awaited significant economic news on Friday.
• After dropping below 2.0200, the GBP/NZD pair found support at 2.0121 and recovered modestly.
• Traders are keeping a close watch on key events scheduled for Friday, including the release of UK retail sales, third-quarter GDP data, and the U.S. inflation report.
• Technical signals are bearish as RSI is trending lower at 31, moving averages are pointing south wards .
• Immediate resistance is located at 2.0241 ( 38.2%fib), any close above will push the pair towards 2.0324 (50%fib).
• Immediate support is seen at 2.0121 (23.6%fib) and break below could take the pair towards 2.0054( May 2nd low).
Recommendation: Good to sell around 2.0170, with stop loss of 2.0300 and target price of 2.0050.
