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FxWirePro: GBP/NZD bull’s hold the higher ground, remains on bullish path

• GBP/NZD firmed  on Monday  as cable enjoyed a modest bounce as investors assessed slight chance of a single rate hike by the Bank of England (BoE) towards the end of the year.

•Markets are attaching a 70% chance of just one rate rise ​this year, compared with at least one rise and a strong chance of a second just a couple of weeks ago.

• BoE Governor Andrew Bailey said last week the central bank was not in a position to consider cutting interest rates.

•The drop in the oil price back towards $70 a barrel has taken the pressure off ​central bankers to raise borrowing costs, including the Bank of England.

• Immediate resistance is located at 2.3523(23.6%fib), any close above will push the pair towards 2.3603(Higher BB).

• Immediate support is seen at 2.3307 (38.2%fib) and break below could take the pair towards 2.3239(SMA 20).

Recommendation: Good to buy around 2.3450, with stop loss of 2.3350 and target price of 2.3550

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