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FxWirePro: GBP/NZD consolidating around 2.0820,bias is bullish

• GBP/NZD  strengthened  on Monday as  sterling consolidated against Australian dollar ahead of Britain's July 4 election.

• Opinion polls suggest Labour Party leader Keir Starmer is set to replace Conservative Rishi Sunak as prime minister following Thursday's parliamentary elections.
• Pair traded in 2.0725 /2.0845 range and was last trading at 2.0820 in  the US afternoon.

• Technical signals are bullish as RSI is at 55, daily momentum studies  5,9 and 10 DMAs are trending up. 

• Immediate resistance is located at 2.0859(23.6%fib), any close above will push the pair towards 2.0930(May 6th high).

• Strong  support is seen at 2.0765 (38.2%fib ) and break below could take the pair towards 2.0685 ( (50%fib).

Recommendation: Good to buy around  2.0800, with stop loss of 2.0730  and target price of 2.0880
 

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