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FxWirePro: GBP/NZD uptrend gains momentum but hurdles ahead

• GBP/NZD   strengthened  on Wednesday  as pound benefited from  strongly weaker New Zealand dollar.

• Investors have been cautious so far in 2024, wary of the central bank's expected pivot to rate cuts this year and how quickly these might be implemented.

• A rally towards is   possible if  GBP/NZD   bulls overcome resistance at 38.2% fib.

• Immediate resistance is located at 2.0280 (38.2% fib), any close above will push the pair towards 2.0405 ( 19th Dec high).

• Immediate support is seen at 2.0160(Daily low) and break below could take the pair towards 2.0073 (23.6% fib).

 Recommendation: Good to buy around 2.0270, with stop loss of 2.0180 and target price of 2.0370

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