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FxWirePro: GBP/NZD extends gains, faces 50% fib resistance

•  GBP/NZD extended rally  on Friday as market caution and a dip in commodity prices  weighed   on kiwi dollar.

• One week after Israel’s attack sparked a retaliatory strike from Iran, the Middle East remained at the center of global attention

• Oil prices fell after U.S. President Donald Trump held back from immediate military action in the Israel-Iran conflict.

• Global benchmark Brent crude futures   fell 2.3% to settle at $77.01 a barrel, but gained 3.6% in the week.

• Technical signals are  strongly bullish as RSI is   at 52, daily momentum studies  21, 50 and 100 DMAs are trending up.

• Immediate resistance is located at 2.2639(50% fib), any close above will push the pair towards 2.2783(May 28th high).

• Strong support is seen at 2.2457(50DMA) and break below could take the pair towards 2.2427(100DM).

Recommendation: Good to buy   around 2.2500, with stop loss of 2.2400 and target price of 2.2600
 

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