• GBP/NZD declined on Friday as the pair attracted sellers following downbeat UK GDP data .
• Gross domestic product fell by 0.1% in January, pulled down by a sharp drop in industrial output compared with December, the Office for National Statistics said on Friday.
• Following the release of UK GDP data, GBP/USD briefly dropped to 2.2515, one week low.
• Despite the negative GDP print, the Bank of England (BoE) is still expected to keep interest rates unchanged at its upcoming meeting..
• Technical are bullish, daily RSI is negative at 64, daily momentum studies 9 and 10 DMAs are trending up.
• Immediate resistance is located at 2.2278 (23.6%fib ), any close above will push the pair towards 2.28714 (Higher BB).
• Strong support is seen at 2.2513 (38.2%fib) and break below could take the pair towards 2.2324 (50%fib)
Recommendation: Good to buy around 2.2500, with stop loss of 2.2420 and target price of 2.2700
