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FxWirePro :GBP/NZD heads deeper into bear territory, plunge to test a key fibo grows

• GBP/NZD declined on Tuesday as higher oil prices and   risk appetite in global market supported kiwi dollar .

•The pair reaches 1.9724 after extending south from 1.9938 (early Asia high). 1.9720 is the lowest level since 17th August.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 46 bearish, daily momentum studies 5, 10 and 21 DMAs are trending  down. 

• Immediate resistance is located at 1.9777(38.2%fib),any close above will push the pair towards 1.9847  (23.6 % fib ).

• Immediate support is seen at 1.9717(50% fib) and break below could take the pair towards 1.9658 (61.8 % fib).

Recommendation: Good to sell below 1.9750, with stop loss of 1.9900 and target price of 1.9650
 

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