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FxWirePro: GBP/NZD pauses decline, downside risk remains

• GBP/NZD  traded in tight range on Friday as investors awaited next week's UK inflation reading . 

• UK consumer price inflation data, expected on Wednesday, will be analyzed for clues on the timing of the first Bank of England interest rate cut.

• The is pair heading towards the 23.6%   fib support, as near term direction of the pair is likely to be driven by current price action.  

•  Technical are bearish, daily RSI is negative at 38, daily momentum studies  11 and 14 DMAs are trending down. 

• Immediate resistance is located at 2.0733  (Daily high), any close above will push the pair towards 2.0799  (38.2% fib).

• Strong support is seen at 2.0681  (23.6% fib)and break below could take the pair towards 2.0635  (Lower BB).

Recommendation: Good to sell on  around 2.0720  , with stop loss of 2.0900  , and target price of 2.0630 

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