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FxWirePro:GBP/NZD longs hold the higher ground despite soured risk

• GBP/NZD strengthened on Monday as  lower oil prices and China covid angst fueled some buying in the pair .

•Oil prices touched their lowest level since early January on concerns of lower Chinese fuel demand owing to the COVID-19 lockdowns

•The pair is   testing resistence  1.9409 (38.2%fib), a daily close above   will accelerate upsude towards 1.9500 (Psychological level ).

• Technicals are favouring bullish sentiment as RSI is at 51 while, moving averages are trending north.

• Immediate resistance is located at 1.9409 (38.2%fib), any close above will push the pair towards 1.9499(21DMA)

• Support is seen at 1.9269(Daily low)and break below could take the pair towards 1.9158(50%fib).

Recommendation: Good to buy around 1.9370, with stop loss of 1.9300 and target price of  1.9460.

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