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FxWirePro: GBP/NZD loses momentum but bearish setup remains

• GBP/NZD after initially falling  the pair recovered some ground  after data showed UK retail sales beat expectations in May.

•British retail sales volumes rose 2.9% in May, rising sharply from a revised 1.8% fall in April when heavy rain kept shoppers away, the Office for National Statistics.

• In an up-and-down session, the pair hit low at 2.0617 in early trading then recovered  towards 2.0656.

• Technical signals bullish as RSI is   down at 43, daily momentum studies  5, and 9 DMAs are trending  down.

• Immediate resistance is located at 2.0716 (5DMA), any close above will push the pair towards 2.0782 (38.2%fib).

• Strong support is seen at 2.0617 (23.6%fib) and break below could take the pair towards 2.0571(Lower BB )

Recommendation: Good to sell around 2.0680 with stop loss of 2.0780  and target price of 2.0580

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