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FxWirePro: GBP/NZD remains weak, eyes 50% fib support


• GBP/NZD declined on Monday as investors awaited key economic data this week for clues on the path   British monetary policy.

• Investors  awaited British labour market data  for hints on how   fast   the Bank of England will cut rates this year.

•  A close below  50% fib, will likely trigger a new bearish phase with potential for 2.1500 level.

• Immediate resistance is located at 2.1643 (38.2% fib), any close above will push the pair towards 2.1729 ( (Nov 7th high).

• Strong support is seen at 2.1543 (50% fib) and break below could take the pair towards 2.1411(61.8% fib).

Recommendation: Good to sell on  around 2.1600, with stop loss of 2.1680  and target price of 2.1500.

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