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

• GBP/NZD traded flat on Wednesday  as investors looked ahead to fresh UK data , keeping the decline in check.

•   Market participants are turning their attention to a busy slate of UK economic releases scheduled for Friday, which include monthly GDP, industrial production, and trade figures.

•Industrial production figures will shed light on the manufacturing sector’s output, a key driver of the UK economy, while trade data will highlight the balance between exports and imports, offering clues on external demand and the impact of global supply chains.

• These reports are expected to provide fresh insights into the health of the UK economy and help guide short-term market direction.

• Technicals are favouring bearish sentiment as RSI is at 47 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 2.2800 with stop loss of 2.2900 and target price of  2.2720