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FxWirePro: GBP/NZD drops below 2.1600 level as bullish signals weaken

• GBP/NZD eased on Wednesday as the pair attracted seller ahead of Bank of England's   interest rate decision later this week.

• The focus is on the Bank of England's upcoming interest rate decision on Thursday. Money markets indicate a 59% probability that the BoE will reduce rates by 25 basis points next week..

•  The pair dipped to trade at 1.21598 after pulling back from    overnight top, when it climbed to  1.21893

• Immediate resistance is located at 2.1671 (38.2%fib), any close above will push the pair towards 2.1910(23.6%fib).

• Strong support is seen at 2.1581 (Daily Low) and break below could take the pair towards 2.1482 (50%fib).

Recommendation: Good to sell around 2.1620, with stop loss of 2.1800 and target price of 2.1500

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