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FxWirePro :GBP/NZD repeatedly capped by a key fibo resistence,bears set to regain control

• GBP/NZD eased on Monday as  Kiwi dollar gained upward traction after its biggest trading partner China kept its  lending benchmark rates unchanged .

• The one-year loan prime rate (LPR) was kept at 3.45% and the five-year LPR was unchanged at 4.20%.

•At GMT 16:22, the pair was trading down 0.13 percent  at 2.0757 after reaching daily low at 2.0667.

•Technical signals are bearish as RSI is at 49, daily momentum studies  5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 2.0796(38.2%fib), any close above will push the pair towards 2.0865(Nov 17th high)

• Immediate support is seen at 2.0669(50DMA ) and break below could take the pair towards 2.0606(50DMA).

Recommendation: Good to sell  around 2.0770 with stop loss of 2.0890  and target price of 2.0690

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