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FxWirePro:GBP/NZD succumbs to bearish forces despite upbeat UK retail sales data

• GBP/NZD declined on Friday  as divergence in U.S. and UK data and rate expectations kept  downward pressure on the pound.

• Soft GBP price action followed upbeat  retail sales data, retail sales is much less important than wages/CPI for the BoE

• GBP/NZD fell   to 1.2567, keeping near recent trend lows and anchored in its recent 1.2648-1.2550 range despite a rise in UK retail sale.

• A close below   support at 50%fib will give further momentum to bears, opening the way for a run towards 2.0450  level.

• Immediate resistance is located at 2.0661(38.2%fib), any close above will push the pair towards 2.0787 (23.6%fib).

• Immediate support is seen at2.0526 (50%fib ), break below could take the pair towards 2.0456 (Lower BB).

Recommendation: Good to sell around 2.0560  with stop loss of 2.0740  and target price of 2.0450

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