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FxWirePro:GBP/NZD bulls need more gains to zero in on key fibo resistance

• GBP/NZD steadied on Monday as investors braced for Federal Reserve and Bank of England policy meetings this week.

• The Federal Open Market Committee (FOMC) meeting ends on Wednesday, while BoE policymakers will gather on Thursday.

• The pair currently is approaching resistance at 1.9444 (38.2%fib ). A break above 1.9444 would unmask 1.9600 level in the short term.

• Technicals are favouring bullish sentiment as RSI is at 60 and the pair is trading above 11 & 21-DMAs. 

• Immediate resistance is located at 1.9444 (38.2%fib ), any close above will push the pair towards 1.9604 (Higher BB).

• Strong support is seen at 1.9331(5DMA) and break below could take the pair towards 1.9251(50%fib).

Recommendation: Good to buy   around 1.9400, with stop loss of 1.9250 and target price of 1.9520
 

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