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FxWirePro: GBP/NZD falls below 1.9200, bears keep the advantage

• GBP/NZD declined on Monday   as higher commodity prices supported  New Zealand dollar broadly.

• The commodity-sensitive New Zealand dollar rose across the board as iron ore soared more than 4%, fuelled by structural supply shortage and robust steel demand.

• At GMT 18:57, the pair was trading 0.30% lower at 1.9202. The cross pairs bearish bias is set to strengthen, likely to drop towards 1.9070

• Technical signals are bearish  as RSI is at 49, daily momentum studies  5,9,11 DMA’s, are trending down. 

• Immediate resistance is located at 1.9289 (50%fib ), any close above will push the pair towards 1.9348 (11DMA).

• Strong support is seen at 1.9159 (38.2%fib) and break below could take the pair towards 1.9064 (Lower BB).

Recommendation: Good to sell around 1.9230 with stop loss of 1.9350 and target price of 1.9100.
 

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