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FxWirePro:GBP/NZD bulls lose traction, cannot add to overnight gains

• GBP/NZD dipped on Tuesday as investors assessed  economic data for more clarity on the Bank of England's monetary easing plans.

• Investors awaited readings on UK business activity as well as consumer confidence later this week to gauge how the British economy is faring and the BoE's interest rate trajectory.

• The pound   erased Monday’s gains against the kiwi dollar , the pair was last down  at 0.19% at  2.0861  .

• Technicals are favouring bullish sentiment as RSI is at 49 and the pair is trading above   5,10 & 11-DMAs.

• Immediate resistance is located at 2.0939(23.6% fib), any close above will push the pair towards 2.1000 (Higher BB)

• Strong support is seen at 2.0833 (Daily low)and break below could take the pair towards 2.0733 (38.2%fib).

Recommendation: Good to buy around 2.0840 with stop loss of 2.0720  and target price of  2.0960

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