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FxWirePro: GBP/NZD bulls loosen their grip a bit, dips to be bought

• GBP/NZD eased slightly but held near two month high  as investors digested the Reserve Bank of New Zealand (RBNZ)   interest rates decision  .

• New Zealand's central bank slashed rates by 50 basis points on Wednesday and said policy is still restrictive even though inflation has returned to target.

• The decision to reduce the cash rate to 4.75% was in line with market pricing and most economists' expectations.  

• Technical signals are bullish  as RSI is   trending up at 61, moving averages are pointing north

• Immediate resistance is located at 2.1587 (23.6% fib), any close above will push the pair towards 2.1645(Higher BB).

• Strong support is seen at 2.1478 (38.2% fib) and break below could take the pair towards 2.1386 (50% fib).

Recommendation: Good to buy  around 2.1510 with stop loss of 2.1420 and target price of 2.1620

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