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FxWirePro: GBP/NZD stuck in range as trading persists with focus on central banks

•  GBP/NZD initially gained  on Monday but gave up ground as investors were cautious ahead of a number of central bank meetings this week including the Bank of England's.

•    At GMT 17:06, the pair was trading down 0.02 percent   at  1.9072.

• Investors will scrutinize the outcome of upcoming Fed, ECB and BoE meetings.  

• Technical signals are bearish as RSI is heading down  at 47 , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.9112 (9DMA ), any close above will push the pair towards 1.9214 (38.2%fib).

• Strong support is seen at 1.9048 (Daily low) and break below could take the pair towards 1.9003 (23.6%fib).

Recommendation: Good to sell on  around 1.9080, with stop loss of 1.9190 and target price of 1.9000


 

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