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FxWirePro: GBP/NZD bulls undeterred, eyes 38.2%fib resistance

• GBP/NZD extended its yesterday’s bounce  on Thursday as traders shrugged of sluggish UK GDP data.

• Britain's economy partially recovered in August after a sharp drop in July but the bigger picture remained   only sluggish growth.

• Technical signals are bullish as RSI is rising sharply from lower range, daily momentum studies  5.9 and 11 DMA’s  are trending up.

•  Immediate resistance is located at 2.0592(38.2%fib  ), any close above will push the pair towards 2.0686 (23.6%fib%fib  ).

• Strong support is seen at 2.0515 (50%fib  ) and break below could take the pair towards 2.0430 (61.8%fib  ).

 Recommendation: Good to buy around 2.0540, with stop loss of 2.0430 and target price of 2.0630

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