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FxWirePro: GBP/NZD remains bullish as rally continues

• GBP/NZD firmed on Tuesday as  UK PMI results exceeded expectations, strengthening the pound.

• The S&P Global Purchasing Managers'  Index for December increased to 52.1 from 51.2 in November.

• The overall PMI and the services sector index both reached two-month highs, while the manufacturing gauge recorded its strongest reading in 15 months.

•  UK economic data reinforced market expectations for the Bank of England to keep interest rates steady, leaving the likelihood of a rate cut unchanged

• Markets are pricing around 60 bps of BoE rate cuts by the end of next year and about a 90% chance of a cut on Thursday..

• Immediate resistance is located at 2.3355(Oct 8th high), any close above will push the pair towards 2.3427(Higher BB).

•  Immediate support is seen at 2.3129(38.2%fib) and break below could take the pair towards 2.2972(Dec 9th low).

 Recommendation: Good to buy around 2.3200 with stop loss of 2.3120and target price of 2.3280

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