• GBP/NZD fell sharply on Friday as pound was weighed down by downbeat UK GDP data.
• Data released on Friday showed an unexpected contraction in Britain's economy in September, with growth slowing significantly during the third quarter.
•The disappointing data marks an early setback for UK Finance Minister Rachel Reeves' ambitions to drive sustained economic recovery
• Technicals are favouring bearish sentiment as RSI is at 47 and the pair is trading below 5,10 & 11-SMAs.
• Immediate resistance is located at 2.1549 (50%fib), any close above will push the pair towards 2.1665 (61.8%fib)
• Strong support is seen at 2.1502 (Daily low)and break below could take the pair towards 2.1430(38.2%fib).
Recommendation: Good to sell around 2.1520, with stop loss of 2.1600 and target price of 2.1430
