• GBP/NZD initially gained on Thursday but early rally fizzled out after soft data UK GDP data
• The pair also came under slight pressure ahead of the upcoming Good Friday holiday, month and quarter-end and Friday's PCE data.
• Official data confirmed Britain's economy entered a shallow recession last year, with GDP shrinking by 0.1% in the third quarter and by 0.3% in the fourth quarter, unchanged from preliminary estimates.
• Technical signals are bearish as RSI is heading up at 69 , daily momentum studies 5, 9 and 11 DMAs are trending north.
• Immediate resistance is located at 2.1180 (Daily high ), any close above will push the pair towards 2.1208 (23.6%fib).
• Strong support is seen at 2.1029 (38.2%fib) and break below could take the pair towards 2.0933 (22nd March low).
Recommendation: Good to buy around 2.1100, with stop loss of 2.1000 and target price of 2.1200
