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FxWirePro:GBP/ NZD stuck in range but maintains bullish bias

• GBP/NZD strengthened on Wednesday   as improved risk appetite drove capital flows to British pound.

• The is pair heading towards the 23.6%fib, as near term direction of the pair is likely to be driven by current price action.  

• Technical signals are bearish as RSI is at 65, daily momentum studies  5, 9 and 11 DMAs are trending up. 

• Immediate resistance is located at 1.9794(23.6%fib ), any close above will push the pair towards 1.9832 (Higher BB).

• Strong support is seen at 1.9702 (5DMA) and break below could take the pair towards 1.9637 (38.2%fib).

Recommendation: Good to buy on  around 1.9730, with stop loss of 1.9630 and target price of 1.8800

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