• GBP/NZD dipped on Friday as the pair erased about half of Thursday's gains following conflicting UK PMI data.
• The S&P Global/CIPS UK Composite PMI - spanning services and manufacturing firms - rose to 51.7.
• Meanwhile manufacturing's reading fell to 46.4, reversing some of November's improvement and representing the 17th consecutive month of contraction.
• Technical signals are bearish as RSI is at 39, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 2.0465(5DMA), any close above will push the pair towards 2.0497 (50% fib).
• Strong support is seen at 2.0383(38.2% fib) and break below could take the pair towards 2.0247 (23.6% fib).
Recommendation: Good to sell on around 2.0400, with stop loss of 2.0500 and target price of 2.0320
