• GBP/NZD dipped modestly as investors looked ahead to fresh data and central bank updates, keeping the decline in check.
• The UK will publish monthly GDP, industrial output, and trade figures on Friday, offering an important gauge of economic health.
• Meanwhile,next week, the BoE is likely to keep rates on hold as it navigates the trade-off between high inflation and a softening economy.
• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below 11,14 & 21-DMAs.
• Immediate resistance is located at 2.2902(50% fib), any close above will push the pair towards 2.2927(SMA 20)
• Strong support is seen at 2.2768 (61.8% fib)and break below could take the pair towards 2.2748(Lower BB).
Recommendation: Good to sell around 2.2820 with stop loss of 2.2900 and target price of 2.2750
