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FxWirePro: GBP/NZD finds momentum from upbeat UK economic data

• GBP/NZD firmed  on Friday   as pound was supported by positive UK economic data..

• British retail sales unexpectedly increased by 1.0% in February compared to January, according to data released by the Office for National Statistics on Friday.

• This marked the second straight monthly increase in retail sales, after a dismal reading in December, the key month for holiday shopping.

.• A separate data release on Friday showed the UK economy expanded 0.1% in the fourth quarter, as economists polled   had expected.

• Immediate resistance is located at 2.2726(23.6%fib), any close above will push the pair towards 2.2803(Higher BB).

• Immediate support is seen at 2.2512 (38.2%fib) and break below could take the pair towards 2.2407(March 26th low).

Recommendation: Good to buy around 2.2620, with stop loss of 2.2550, and target price of 2.2730

 

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