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FxWirePro:GBP/ NZD dips below lower range, bearish bias increases

• GBP/NZD declined sharply on Friday as sterling was weighed down by soaring inflation, recession risks.

• Sterling is on course for daily fall of nearly 0.60% versus the kiwi dollar, and next week the pair could further fall as rising energy prices could fuel social unrest across .  

• Technical signals are bearish as RSI is heading down   at 34, daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.8926 (38.2%fib ), any close above will push the pair towards 1.8990 (9DMA).

• Strong support is seen at 1.8811 (23.6%fib) and break below could take the pair towards 1.8766 (Lower BB).

Recommendation: Good to sell on  around 1.8830, with stop loss of 1.8900 and target price of 1.8740

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