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FxWirePro: GBP/NZD bulls undeterred, eyes 2.0750 level

• GBP/NZD steadied  on  Tuesday as kiwi dollar declined as  markets pared back  RBNZ Nov hike bets after a soft inflation report.

• Data showed on Tuesday showed New Zealand's consumer inflation hit a two-year low in the third quarter, prompting markets to pare back the chance of a hike in November to just 17%.

• GBP/NZD is approaching resistance  at 38.2% fib, Break above   risks run towards 2.0750 level    

•  From a technical viewpoint, the moving averages are pointing upwardss, while the RSI  is   strongly bullish at 53.

• Immediate resistance is located at 2.0699 (38.2% fib), any close above will push the pair towards 2.0744(Sep 22nd high).

• Strong support is seen at 2.0584 (50% fib) and break below could take the pair towards 2.0514 (21DMA).

Recommendation: Good to buy    around 2.0650, with stop loss of 2.0520 and target price of 2.0750
 

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