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FxWirePro: GBP/NZD reverses recent rally, bias back to downside

• GBP/NZD   eased on Thursday  after data showed Britain's construction industry saw the biggest slide in activity in more than three years last month.

• UK PMI tumbled to 45.0 in September ,  the all-sector PMI - which includes services, manufacturing and construction - stood at 48.2 in September, its lowest level since January 2021.

• The pound   erased Wednesday’s gains against the kiwi dollar , the pair was last down  at 0.43% at  2.0438.

• Technical signals   are bearish as RSI is    rising lower at 35, moving averages 5,9 ,11DMA’s trending south.

• Immediate resistance is located at 2.0530 (38.2%fib), any close above will push the pair towards 2.0617(61.8%fib).

• Immediate support is seen at 2.0413(38.2%fib) and break below could take the pair towards 2.0307 (23.6%fib).

 Recommendation: Good to sell around 2.0450, with stop loss of 2.0 550 and target price of 2.0350

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