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FxWirePro:GBP/NZD rebounds, critical resistance lies ahead

•  GBP/NZD  rose sharply on Wednesday   as kiwi dollar was dragged down by soft Australian GPD  data.

• Data from the Australian Bureau of Statistics (ABS) on Wednesday showed real gross domestic product rose 0.3% in the September quarter, missing market forecasts of 0.4%..

•Separately, the S&P Global UK Services Purchasing Managers Index published on Wednesday showed Britain's dominant services sector lost steam in November, although not by as much as first feared.

•Rally towards is  2.1750 possible if GBP/NZD bulls overcome resistance at 38.2%fib

• Immediate resistance is located at 2.1733(38.2%fib), any close above will push the pair towards 2.1848(23.6%fib).

• Immediate support is seen at 2.1642 (50%fib) and break below could take the pair towards 2.1554(61.8%fib).

Recommendation: Good to buy around  2.1650, with stop loss of 2.1550 and target price of 2.1750

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