• GBP/NZD slipped lower on Friday as sterling came under pressure from weak business activity and retail sales data.
• British business output in November shrank for the first time in more than a year, and retail sales also fell by much more than expected in October.
• The positive employment report has diminished market expectations of a rate cut from the Reserve Bank of New Zealand.
• GBP/NZD fell to below2.1500 level . A break under 38.2% fib would unmask 2.1350 level in the short term.
• Strong resistance is located at 2.1505(50% fib), any close above will push the pair towards 2.1585 (61.8% fib)
• Immediate support is at 2.1421 (38.2% fib) and break below could take the pair towards 2.1321 (23.6% fib).
Recommendation: Good to sell around 2.1550, with stop loss of 2.1650 and target price of 2.1420
