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FxWirePro: GBP/NZD recovers from early dip, key resistance in sight

• GBP/NZD  recovered some ground from initial decline on Tuesday as sterling was supported after  UK jobs data came in largely in line with forecasts .

•Data showed British employers expanded their payrolls to a record high in September, while the unemployment rate edged down to 4.5% in the three months to August, in line with  forecasts

• GBP/NZD   recovers towards  above 1.9592 and holds near the day's high in US session.

• Bulls will need a clear 1.9606 ( 38.2%fib)to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals are bullish as RSI is at 53, moving averages are trending higher.

• Immediate resistance is located at 1.9606 ( 38.2%fib), any close above will push the pair towards 1.9661 ( Higher BB).

• Immediate support is seen at 1.9554 (14DMA) and break below could take the pair towards 1.9538(50%fib).

 Recommendation: Good to buy around 1.9580, with stop loss of 1.9500 and target price of 1.8650.

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