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FxWirePro: GBP/NZD steadies above 1.9250, retains bid tone

• GBP/NZD firmed on Tuesday as GBP  benefited from strong UK jobs data .

• UK payrolls and earnings data came higher, with the unemployment rate falling below pre-pandemic levels.

• Strong jobs data supported the prospect of a Bank of England rate hike. Money markets are fully pricing in a 25 basis points BoE interest rate hike on Thursday.

• The is pair heading towards the 1.9450 (14DMA), as near term direction of the pair is likely to be driven by current price action.  

• Immediate resistance is located at 1.9350 (50%fib), any close above will push the pair towards 1.9509 (61.8% fib).

• Strong support is seen at 1.9225(38.2%fib) and break below could take the pair towards 1.9033(23.6%fib).

Recommendation: Good to buy   around 1.9270, with stop loss of 1.9040 and target price of 1.9350
 

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