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

• GBP/NZD initially gained on Tuesday  but gave up ground as investors awaited Bank of England's  rate decision on Thursday.

• Markets expect a 50bp hike Thursday and traders will pay keen attention to the nature to the vote count, with a dovish tightening move is  likely to send GBP/NZD   lower.  

• In an up-and-down session, the pair hit daily high at 1.9203 in early trading then dipped towards 1.9100

• Technical signals are bearish as RSI is heading down  49 , daily momentum studies 9, 11 and 14 DMAs are trending down. 

• Immediate resistance is located at 1.9174 (38.2%fib ), any close above will push the pair towards 1.9196 (Daily high).

• Strong support is seen at 1.9109 (5DMA) and break below could take the pair towards 1.9196 (23.6%fib).

Recommendation: Good to sell on  around 1.9170, with stop loss of 1.9280 and target price of 1.9100
 

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