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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 Friday  as  investors focused on the new catalyst for sterling  .

• GBP/NZD   recovers towards  1.8950 after hitting daily low at 1.8906.

• Bulls will need a clear 1.9101 ( 50% fib)to take greater control, failure to break higher will spur fresh downward momentum.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is   bearish at 45.

• Immediate resistance is located at 1.9001 (38.2% fib), any close above will push the pair towards 1.9073( 30DMA).

• Immediate support is seen at 1.8875 (23.6%fib) and break below could take the pair towards 1.8852(Lower BB).

 Recommendation: Good to sell around 1.8970, with stop loss of 1.9100 and target price of 1.8900.

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