• GBP/NZD declined on Thursday after data showed Britain's economy fell into a recession in the second half of 2023.
• Gross domestic product (GDP) contracted by 0.3% in the three months to December, having shrunk by 0.1% between July and September, official data showed.
•The fourth-quarter contraction was deeper than all economists' estimates in a poll, which had pointed to a 0.1% decline.
• A close below support at 38.2%fib will give further momentum to bears, opening the way for a run towards 2.0450 level.
• Immediate resistance is located at 2.0684 (50%fib), any close above will push the pair towards 2.0802 (61.8%fib).
• Immediate support is seen at2.0532 (38.2%fib ), break below could take the pair towards 2.0483 (Lower BB).
Recommendation: Good to sell around 2.0630 with stop loss of 2.0740 and target price of 2.0520
