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FxWirePro: GBP/NZD gently bid, 2.0724 a key barrier

• GBP/NZD steadied around   2.0657 on Wednesday as higher house prices in Britain supported bets that the Bank of England was not likely to cut rates any time soon..

• Data from mortgage lender Halifax revealed that British house prices experienced the strongest annual growth rate in a year, contributing to tentative indications of momentum in the housing market.

• A rally towards   2.0800  is possible if  GBP/NZD bulls overcome resistance 23.6%fib. 

• Technical signals are bullish as RSI is rising at 61, daily momentum studies  5, 9 and 11 DMAs are trending up. 

• Immediate resistance is located at 2.0724(38.2%fib), any close above will push the pair towards 2.0779 (Feb 6th high)

• Strong  support is seen at 2.0623(50%fib) and break below could take the pair towards 2.0495 (61.8%fib).

Recommendation: Good   buy   around 2.0640, with stop loss of 2.0500 and target price of 2.750
 

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