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FxWirePro: GBP /NZD consolidating around 2.1325,bias is bullish

• GBP /NZD edged higher   on  Monday as focus shifted UK inflation data and central bank meeting.

• Inflation figures released on Wednesday will be crucial ahead of the BoE's policy announcement.

• The BoE is widely expected to maintain interest rates this week following a 25-basis-point cut last month.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 2.1364(38.2% fib), any close above will push the pair towards 2.1446 (Higher BB).

• Immediate support is seen at 2.1192 (50%fib) and break below could take the pair towards 2.1100 (Aug 7th low).

Recommendation: Good to buy on dips around 2.1300, with stop loss of 2.1200 and target price of 2.1400
 

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