• GBP/NZD initially dipped on Wednesday but recovered some ground as investors awaited Thursday’s UK GDP data.
• Investors await UK dataset, which includes tentative GDP for the second quarter and a plethora of output data that could indicate the extent of the UK's economic recovery from the slump related to the 2020 pandemic.
• At GMT 21:11, the pair was trading flat at 1.9721 after reaching daily low at 1.9642.
• Immediate resistance is located at 1.9723 (38.2%fib), any close above will push the pair towards 1.9792 (50%fib)
• Immediate support is seen at 1.9638 (23.6%fib ) and break below could take the pair towards 1.9565(Ichimoku Cloud Base).
Recommendation: Good to sell around 1.9700, with stop loss of 1.9790 and target price of 1.9620.
