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

• GBP/NZD after initially falling  the pair gave some ground as investors assessed   UK  rate cut procspect.

• In an up-and-down session, the pair hit low at 2.0956 in early trading then recovered  towards 2.1022.

• Technical signals bullish as RSI is   up at 53, daily momentum studies  5, and 9 DMAs are trending  up.

• Immediate resistance is located at 2.1047 (38.2%fib), any close above will push the pair towards 2.1118 (Higher BB).

• Strong support is seen at 2.0947 (38.2%fib) and break below could take the pair towards 2.0873 (Lower BB )

Recommendation: Good to buy around 2.1000 with stop loss of 2.0900  and target price of 2.1110

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