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FxWirePro: GBP/NZD bulls back away from 2.0880 as focus shifted to UK CPI data

• GBP/NZD retreated   on Tuesday as the pair rise as focus  shift to June  UK consumer prices data on Wednesday.

• British inflation has remained much higher than in the United States - and to a lesser degree the euro zone  and as a result markets expect more rate rises from the BoE.

• The pair has traded a 250 pip range thus far Tuesday(2.0898-2.0649),It was last trading at 
2.0898

• Technical signals are bullish as RSI is at 57, daily momentum studies  5, 9 and 10 DMAs are trending north. 

•  Immediate resistance is located at 2.0874 (23.6% fib), any close above will push the pair towards 2.0923 (Higher BB).

• Strong support is seen at 2.0719(38.2% fib) and break below could take the pair towards 2.0629(5DMA).

Recommendation: Good to buy on dips around 2.0770 , with stop loss of 2.0700 and target price of 2.0880

  • Market Data
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