• GBP/NZD dipped on Friday as growing fears of recession in UK weighed on the pair.
• Britain's economy contracted more than first thought in the third quarter of this year, economic output fell by 0.3% in quarterly terms compared with a previous estimate of -0.2%.
•The pair inability to hold gains above 1.9485 (5DMA), may increases the likelihood of a drop towards1.9150 level.
• Technicals are favouring bearish sentiment as RSI is at 46 and the pair is trading below 5,10 & 11-DMAs.
• Immediate resistance is located at 1.9207(5DMA), any close above will push the pair towards 1.9323(50%fib)
• Strong support is seen at 1.9091(38.2%fib)and break below could take the pair towards 1.90004 (9DMA).
Recommendation: Good to sell around 1.9170 with stop loss of 1.9210 and target price of 1.9060
