FxWirePro:GBP/NZD runs out of steam but maintains bearish outlook

•  GBP/NZD  drifted slightly lower  on Tuesday   as  investors are focused on UK GDP data.

•Investors will closely watch gross domestic product figures due Wednesday before this month's Bank of England meeting.

• The Bank of England is widely expected to keep interest rates unchanged at its upcoming meeting, while the European Central Bank is anticipated to reduce rates in its meeting this week.Top of FormBottom of Form

• Technical highlight downside  risks for GBP/NZD, with momentum studies, 5, 10 and 21 DMAs tracking south.

• Immediate resistance is located at 2.1396 (38.2%fib), any close above will push the pair towards 2.1442 (Higher BB).

• Immediate support is seen at 2.1214 (50%fib) and break below could take the pair towards 2.1142 (Sep6th low).

Recommendation: Good to sell  around 2.1270, with stop loss of 2.1310 and target price of 2.1200