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FxWirePro: GBP/NZD key support holds ,but negative factors build

• GBP/NZD  declined  on Thursday  as traders focused on dovish signals from the Bank of England.

• BoE Governor Andrew Bailey said   that the bank nearer  to ending its run of interest rate increases but borrowing costs might still have further to rise because of inflation pressures.

• The pair failed to break support  at 50%fib and pulled  back  towards 2.1205.

• Technical signals are bearish as RSI trending lower, daily momentum studies  5,9,21 DMA are trending south. 

• Immediate resistance is located at 2.1258 (5DMA ), any close above will push the pair towards 1.21330 (38.2%fib).

• Strong support is seen at 2.1152 (50%fib) and break below could take the pair towards 2.1112 (Lower BB).

Recommendation: Good to sell around 2.1210 with stop loss of 2.1350  and target price of 2.1140
 

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