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FxWirePro:GBP/ NZD bearish again as upside bias reverses

• GBP/NZD declined on Tuesday   as higher commodities prices and improved risk appetite boosted kiwi dollar.

• The is pair heading towards the 50%fib, as near term direction of the pair is likely to be driven by current price action.  

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

• Immediate resistance is located at 2.1194 (38.2%fib ), any close above will push the pair towards 2.1249(5DMA).

• Strong support is seen at 2.1074 (50%fib) and break below could take the pair towards 2.1035 (Aug 11th low).

Recommendation: Good to sell on  around 2.1180, with stop loss of 2.1280 and target price of 2.1100

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