FxWirePro: GBP/NZD outlook weaker on renewed downside pressure

• GBP/NZD extended weakness  as upbeat New Zealand’s manufacturing data   supported kiwi dollar.

• New Zealand’s manufacturing sector grew robustly in December, hitting a four-year high, according to a recent survey.

• New Zealand’s Business NZ Manufacturing Index climbed to 56.1 in December, gaining 4.4 points from November.

. The index was above 50, the dividing line between contraction and expansion, for the sixth straight month.

• Immediate resistance is located at 2.3290(50%fib), any close above will push the pair towards 2.3410(38.2%fib).

• Immediate support is seen at 2.3240 (Daily low) and break below could take the pair towards 2.3174 (61.8%fib)

Recommendation: Good to sell around 2.3350 with stop loss of 2.3450  and target price of 2.3250