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FxWirePro :GBP/NZD momentum negative despite the pause in losses

• GBP/NZD eased  on Thursday  as this week’s  string of disappointing UK data continue to weigh on sterling.

• Data this week has painted a fairly stagflationary picture for the British economy, with wage growth still running hot, while economic growth had completely stalled in April..

• The pair is approaching to test  23.6%fib support. A break under    would unmask   2.0600  level in the short term.

• Immediate resistance is located at 2.0807(38.2%fib), any close above will push the pair towards 2.0949(50%fib).

• Immediate support is seen at2.0642 (23.6%fib ), break below could take the pair towards 2.0585 (Lower BB).

Recommendation: Good to sell around 2.0690 with stop loss of 2.0770  and target price of 2.0620 

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