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FxWirePro:GBP/NZD maintains bullish bias with focus on 2.0100

• GBP/ NZD gained on Wednesday as sterling was supported by above-forecast UK inflation data.

• Sterling has benefited from above-forecast and 30-year inflation high that bolstered BoE rate hike expectations.

• Bulls have tightened their grip after registering a close above the 1.9961 (38.2%fib),scope grows for bigger gains towards 2.0200

• Technical signals are strongly bullish  as RSI is bullish at 69, 5, 9,11 DMAs are trending up. 

• Immediate resistance is located at 2.0137 (23.6%fib), any close above will push the pair towards 2.0210 (Higher BB).

•  Immediate support is seen at 2.0013 (5DMA) and break below could take the pair towards 1.9961 (38.2%fib).

Recommendation: Good buy around 2.0050, with stop loss of 1.9950 and target price of 2.0100
 

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