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FxWirePro:GBP/NZD set for bigger drop, but close below key fibo needed

• GBP/NZD dipped on Friday   after data showed consumer morale fell to its lowest level in 16 months and retail sales unexpectedly declined.

• The Office for National Statistics said February retail sales fell 0.3% from January as stormy weather prevented some shoppers from heading out.

• Meanwhile,UK consumer confidence fell to its lowest level since November 2020 in March on concerns over inflation and the war in Ukraine.

• Technical signals show the pair could lose more ground as RSI is at 26 bearish, and 5, 9,11 DMA’s are trending south. 

• Immediate resistance is located at 1.8985 (5DMA), any close above will push the pair towards 1.9080  (38.2%fib).

• Immediate support is seen at 1.8901 (23.6%fib ) and break below could take the pair towards 1.8722 (Lower BB).

Recommendation: Good to sell  around 1.8930 with stop loss of 1.9050 and target price of 1.8750.
 

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