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FxWirePro:GBP/ NZD neutral in the near-term, scope for downward resumption

• GBP/NZD initially gained  on Wednesday   but gave up ground as improved risk appetite drove capital flows to kiwi dollar.

• The is pair heading towards the 50%fib, as near term direction of the pair is likely to be driven by current price action.  

• Technical signals are bearish as RSI is heading down   , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.9631 (38.2%fib ), any close above will push the pair towards 1.9683 (Higher BB).

• Strong support is seen at 1.9501(50%fib) and break below could take the pair towards 1.89461 (16th Dec low).

Recommendation: Good to sell on  around 1.9600, with stop loss of 1.9680 and target price of 1.9520

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