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FxWirePro:GBP/NZD loses momentum but outlook is bullish

• GBP/ NZD trickled lower on Thursday as Brexit and coronavirus fears added to negative mood.

• Fears of a second wave of infections in Britain, already the hardest-hit European country, have capped the pound’s advance against New Zealand dollar.

• The pair failed to  breach resistance at 1.9857 ( 23.6% fib) and dipped towards 1.9726 level . Retracements shallow hint bulls in control, 1.9800 is next focus for the pair

•Technical signals are bullish as RSI is at 68, moving averages are pointing north. 

• Immediate resistance is located at 1.9857 ( 23.6% fib), any close above will push the pair towards 1.9990(200 DMA).

• Immediate support is seen at 1.9699 (38.2% fib) and break below could take the pair towards 1.9604 (9 DMA).

• Recommendation: Good buy around 1.9700 with stop loss of 1.9600 and target price of 1.9850
 

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