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FxWirePro: GBP/NZD stuck in range but maintains bullish bias

• GBP/NZD  strengthened  on Monday after the latest stimulus measures  China failed to impress, weighing on  kiwi dollar   .

• China cut its one-year benchmark lending rate by a lower-than-expected 10 basis points.

• GBP/NZD  remains well above level 2.1407 (5DMA),Daily  close above 23.6% fib   will increase the scope for much bigger gains 

• Technical signals are bullish as RSI is at 73 daily momentum studies  5, 9 and 10 DMAs are trending north. 

• Immediate resistance is located at 2.1569 (23.6% fib  ), any close above will push the pair towards 2.1614 (Higher BB).

• Strong support is seen at 2.1460 (5DMA) and break below could take the pair towards 2.1361 (38.2% fib).

Recommendation: Good to buy on dips around 2.1510, with stop loss of 2.1300 and target price of 2.1600
 

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