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FxWirePro:GBP/NZD attracts buying interest, 38.2% fibonacci eyed

• GBP/ NZD staged a sharp rebound on Wednesday  after data showed British consumer price inflation leapt to its highest level in three decades .

• British consumer prices jumped to an annual rate of 7.0% in March, the highest since March 1992 and up from 6.2% in February.

•  The pair attempted to breach resistance at 1.9331 (38.2% fib)and dipped towards 1.9267   level . A decisive break closure above 38.2% fib could generate further gains.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 56 bullish, and moving averages are trending higher. 

• Immediate resistance is located at 1.9331 (38.2% fib), any close above will push the pair towards 1.9501 (50% fib).

• Immediate support is seen at 1.9189(16th March low) and break below could take the pair towards 1.9118 (23.6% fib).

    Recommendation: Good to buy around 1.9260, with stop loss of 1.9160 and target price of 1.9400
 

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