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• GBP/ NZD initially gained but retreated as Investors expressed skepticism about the possibility of a strong economic recovery from the pandemic.
• The pair attempted to breach resistance at 1.9780 (38.2% fib) and dipped towards 1.9704 level . A decisive break closure above 1.9780 could generate further gains.
• Techicals are mixed, daily RSI rises, daily momentum studies 5, 9 and 10 DMAs are flat.
• Immediate resistance is located at 1.9721 ( 50% fib), any close above will push the pair towards 1.9780 (38.2% fib).
• Immediate support is seen at 1.9668 (61.8% fib) and break below could take the pair towards 1.9642 (Daily low).
Recommendation: Be on sidelines
