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FxWirePro:GBP/NZD maintains bearish bias with focus on 1.9800 level

• GBP/ NZD declined to hit one and a half month low on Friday as  hawkisk comment from RBNZ  lifted the pair kiwi dollar against pound.

• The Super hawkish Reserve Bank of New Zealand (RBNZ) showed no sign of a pause on Friday as Governor Adrian Orr said quick hikes were needed to stave off inflation.

• The bank raised rates by a quarter point to 1.0 earlier this week and forecast they could reach  3.35% by early 2024.

• The pair is testing support at 1.9842 ( 23.6% fib)level. A decisive break closure below 1.9842 could push the pair further lower.

• Immediate resistance is located at 1.9970 (Ichimoku Cloud Top), any close above will push the pair towards 1.9752(Ichimoku Cloud Top).

•  Immediate support is seen at 1.9842 ( 23.6% fib) and break below could take the pair towards  2.0006 (38.2% fib).

 Recommendation: Good to sell around 1.9870, with stop loss of 1.9990 and target price of 1.9800 level

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