• GBP/NZD dipped on Friday as pound was dragged down by soft UK GDP data.
• Official data showed that UK economic activity contracted by 0.1% in October.Economists had anticipated a 0.1% growth, following a 0.1% decline in September.
• Friday's data adds to a series of disappointing figures for Britain's economy, with business surveys and retail sales also falling short of expectations.
• A close below support at 50%fib will give further momentum to bears, opening the way for a run towards 2.1800level.
• Immediate resistance is located at 2.1973(38.2%fib), any close above will push the pair towards 2.2000(Psychological level).
• Immediate support is seen at 2.1881 (50%fib) and break below could take the pair towards 2.1792(61.8%fib).
Recommendation: Good buy around 2.1910, with stop loss of 2.1980 and target price of 2.1800
