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FxWirePro:GBP/NZD moves higher after BOE rate decision, good to buy on dips

• GBP/NZD staged a sharp recovery on Thursday after BoE kept its monetary poilicy unchanged. 

• The BoE kept its benchmark interest rate at an all-time low of 0.1%, in line with forecasts.

•The central bank also left unchanged the size of its 895 billion pound ($1.25 trillion) bond-buying programme.

•In the absence of a pickup in Brexit or COVID anxieties, GBP/NZD strength is likely to  help lift the towards 1.9500.

.•Technical signals show the pair could gain more ground in the short-term as RSI is at 58  bullish, daily momentum studies, 5, 10 and 11 daily MAs all climb.

• Immediate resistance is located at 1.9400 ( Daily high), any close above will push the pair towards 1.9488 (23.6% fib).

• Immediate support is seen at 1.9316 (38.2% fib) and break below could take the pair towards 1.9257 (21DMA).

Recommendation: Good to buy around 1.9380 with stop loss of 1.9200 and target price of 1.9450
 

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