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FxWirePro :GBP/NZD short had control, kept it after BoE rate decision

• GBP/NZD dipped on Thursday as selling was sparked in  the pair after the Bank of England held interest rates steady.

•The BoE left borrowing costs unchanged at 5.25% .BoE decision adding to a feeling among investors that the next move in borrowing costs will be down.

• At GMT 18:21, the pair was trading down 0.41 percent  at 2.0701 after reaching daily low at 2.0624.

• Technicals are favouring bearish sentiment as RSI is at 48 and the pair is trading below   11,14, 21-DMAs.

• Immediate resistance is located at 2.0782 (Daily high), any close above will push the pair towards 2.0810 (38.2%fib)

• Support is seen at 2.0619 (23.6%fib ) and break below could take the pair towards 2.0506 (Oct 16th Oct ).

Recommendation: Good to sell  around 2.0710, with stop loss of 2.0800 and target price of 2.0620.

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