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FxWirePro: GBP/NZD extends gains, faces 23.6% fib resistance

• GBP/NZD strengthened  after the Reserve Bank of New Zealand (RBNZ) cut interest rates as expected.

• The RBNZ cut its official cash rate to 4.75% from 5.25%, in line with market expectations.

• The RBNZ policymakers' growing confidence that consumer price index inflation will stay within the bank's 1% to 3% target range was the main factor for Wednesday's cut.  
• Technical signals are bullish  as RSI is   trending up at 61, moving averages are pointing north

• Immediate resistance is located at 2.1518 (38.2% fib), any close above will push the pair towards 2.1556(Aug 6th high).

• Strong support is seen at 2.1412 (38.2% fib) and break below could take the pair towards 2.1335 (50% fib).

Recommendation: Good to buy  around 2.1430 with stop loss of 2.1350 and target price of 2.1550
 

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