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FxWirePro: GBP/NZD positions for another climb, eyes 2.0550 level

• GBP/NZD extended its yesterday’s bounce  as  increased expectation that Bank of England will  hike rates on Feb 3rd boosted pound against kiwi dollar .

• GBP/NZD   bulls have  gained momentum above 2.0400 level.Close a above  23.6% fib resistance  is likely trigger new bullish phase with potential for  2.0500 level.

• Technical signals are bullish as RSI is at 80, daily momentum studies  5,11,and 21 DMA  are trending up. 

• Immediate resistance is located at 2.0463 (23.6% fib), any close above will push the pair towards 2.0546 ( Feb 3rd 2020 High).

• Strong support is seen at 2.0300 (38.2%fib) and break below could take the pair towards 2.0206 (9DMA).

 Recommendation: Good to buy around 2.0400, with stop loss of 2.0200 and target price of 2.0550.
 

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