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FxWirePro: GBP/NZD consolidates above 1.9850, retains bid tone

• GBP/NZD   steadied on Friday  as riskier currencies like sterling recovered after being hurt by a broader shakeout in FX markets.

•Sterling has been among the top performing G10 currencies this year following Britain’s quick vaccination rollout, which encouraged hopes for a quick economic recovery.

• GBP/NZD   failed to break support at 1.9796   and bounced towards 1.9890. Resistance at 1.9899(23.6%fib) is now threatened. 

• Technical signals are bullish as RSI at 58, moving averages are trending up. 

• Immediate resistance is located at 1.9899 ( 23.6%fib), any close above will push the pair towards 1.9931 ( Higher BB).

• Strong  support is seen at 1.9796 (38.2%fib) and break below could take the pair towards 1.9731 (14DMA).

 Recommendation: Good buy  around 1.9850, with stop loss of 1.9790 and target price of 1.9910.

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