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FxWirePro: GBP/NZD range to extend until there is game changing news

• GBP/NZD strengthened on Tuesday   as deteriorating risk appetite and   anticipation of less aggressive rate cuts by the Federal Reserve weighed on kiwi dollar.

• GBP/NZD remains bullish, only a break and daily close below  38.2%fib will shift bias to the downside.

• Technicals are favouring bullish sentiment as RSI is at 63 and the pair is trading above 11 & 21-DMAs. 

• Immediate resistance is located at 2.0611 (23.6%fib ), any close above will push the pair towards 2.0656(Higher BB).

• Strong support is seen at 2.0501 (38.2%fib) and break below could take the pair towards 2.0419 (50%fib).

Recommendation: Good to buy   around 2.0570, with stop loss of 2.0450 and target price of 2.0650

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