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FxWirePro: GBP/NZD slides from 2.0000, eyes major fib support


• GBP/NZD  declined on Monday  as traders booked profits ahead of month end and BoE meeting.

• Fears of a deep recession in the UK have diminished higher UK rate expectations. A dovish BoE outcome on Thursday, , could send the pound further lower

• Price slides to 1.9722 from 1.9978 Daily high. The pair has seen   256 pip range, on Monday

• Technical signals show bearish momentum , the 5 DMA and 9 DMAs trend south, while RSI is heading south at 49.

•Immediate resistance is located at 1.9794(50%fib ) , any close above will push the pair towards 1.7876 (5DMA).

• Immediate support is seen at 1.9580(38.2% fib ) and break below could take the pair towards 1.9844 (Lower BB ).

Recommendation: Good to around 1.9750, with stop loss of 1.9850 and target price of 1.9670
 

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