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FxWirePro: GBP/NZD neutral in the near-term, scope for downward resumption

• GBP/NZD   recovered some ground from initial decline on Thursday  as concerns about rising inflation and lower commodity prices dented demand for New Zealand  dollar.

• GBP/NZD   recovers towards  1.9290(50% fib) and holds near the day's high in US session.

• Bulls will need a clear 1.6310 (38.2%fib) to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals are bearish as RSI is lower at 31, moving averages are  trending lower.

• Immediate resistance is located at 1.9290 (50% fib), any close above will push the pair towards 1.9348 (61.8% fib).

• Immediate support is seen at 1.9230 (38.2%fib) and break below could take the pair towards 1.9202(Lower BB).

 Recommendation: Good to sell around 1.9320, with stop loss of 1.9400  and target price of 1.9250.

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