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FxWirePro: GBP/NZD gains some upside momentum but still bearish

• GBP/NZD recovered some ground on Tuesday as the pair staged corrective moves from Monday’s collapse.

• The Bank of England and UK Treasury attempted to soothe market concerns after the government announced a raft of unfunded tax cuts.

• GBP/NZD remains vulnerable, only a break and daily close above 1.9111(50% fib) will shift bias to the upside.

• Technical are bearish, daily RSI is negative at 35, daily momentum studies  9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.9041 (21DMA ), any close above will push the pair towards 1.9105 (50%fib).

• Strong support is seen at 1.9000 (Psychological level) and break below could take the pair towards 1.8874 (38.2% fib)

Recommendation: Good to sell on  around 1.9040, with stop loss of 1.9120 and target price of 1.8950
 

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