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FxWirePro: GBP/ NZD edges higher but outlook still bearish

• GBP/NZD recovered some ground on Thursday as   bids emerged around 1.9800  after BoE raises rates by 25 bps to 4.5%.

• The Bank of England raised its bank rate for the 12th consecutive time but its decision had been expected

• The is pair recovered some ground, but gains were capped just below 5DMA

• Technical signals are bearish as RSI is heading down at 43   , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.9913 (5DMA ), any close above will push the pair towards 2.0020 (38.2%fib).

• Strong support is seen at 1.9805(50%fib) and break below could take the pair towards 1.9705 (Lower BB).

Recommendation: Good to sell on  around 1.9920  with stop loss of 2.0100 and target price of 1.9830

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