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FxWirePro: GBP/NZD trends higher, but faces potential pit falls

• GBP/NZD   recovered some ground from initial decline on Wednesday as  investors awaited  release of minutes from the Federal Reserve's last meeting.

• GBP/NZD   recovers towards  above 1.8900 and holds near the day's high in US session.

• Bulls will need a clear 1.9060 ( 50% fib)to take greater control, failure to break higher will spur fresh downward momentum.

• Technical signals are bearish as RSI is at34, moving averages are trending lower.

• Immediate resistance is located at 1.8912( 38.2%fib), any close above will push the pair towards 1.9021( 21DMA).

• Immediate support is seen at 1.8733(23.6%fib) and break below could take the pair towards 1.8656 (Lower BB).

 Recommendation: Good to sell around 1.8910, with stop loss of 1.9060 and target price of 1.8860.

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