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FxWirePro: GBP/NZD rallies to one-month high, good to buy on dips

• GBP/NZD rose to hit one month high  on Monday  as sterling attracted buyers ahead of UK Employment data.

• Delayed UK employment data on Tuesday will be watched for whether it reduces the odds of another BoE hike.

• Pair traded in   2.0838/2.0957 range ,a close above23.6%fib, will trigger a new bullish phase with potential for 2.1000  

• Technical signals are bullish as RSI is at 63, daily momentum studies  5,9 and 10 DMAs are trending up.

• Immediate resistance is located at 2.0975 ( 23.6%fib), any close above will push the pair towards 2.1000  (Sep 15th high)

• Strong support is seen at 2.0856 (5DMA ) and break below could take the pair towards 2.0826(38.2%fib).

Recommendation: Good to buy  around 2.0920  , with stop loss of 2.0750 and target price of 2.1000 .

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