FxWirePro: GBP/NZD set for further slump, shorts hold the advantage

• 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