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

• GBP/ NZD initially gained  on Friday  but gave up some ground  as trading volumes remained thin amid   holiday trade.

• The is pair approaching the 38.2%fib support, as near term direction of the pair is likely to be driven by current price action.  

• Technical signals are bearish as RSI is heading down at 49  , daily momentum studies  14, 21 and 30 DMAs are trending down. 

• Immediate resistance is located at 2.3251(Higher BB), any close above will push the pair towards 2.3307 (Dec19th high).

• Strong support is seen at 2.3112(38.2%fib) and break below could take the pair towards 2.2979 (Lower BB).

Recommendation: Good to sell on  around 2.3200, with stop loss of 2.3300  and target price of 2.3120
 

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