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FxWirePro: GBP/NZD extends gains, faces 23.6% fib resistance

• GBP/NZD strengthened on Monday   as sterling was boosted after  BoE broadbent's speech.

•Sterling strengthened after the BoE’s Broadbent said Britain’s tight labour market was likely to be a more persistent source of inflation.

• GBP/NZD remains bullish, only a break and daily close above 1.9425 (50%fib) will shift bias to the downside.

•Technical are bearish, daily RSI is negative at 69, daily momentum studies  5 and 9 DMAs are trending up.

•Immediate resistance is located at 1.9060(23.6%fib), any close above will push the pair towards 1.9732(Higher BB).

•Strong support is seen at 1.9566(5DMA) and break below could take the pair towards 1.9562(38.2%fib).

Recommendation: Good to buy  around 1.9600, with stop loss of 1.9480 and target price of 1.9710

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