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FxWirePro:GBP/NZD consolidating around 2.0735,bias is bullish

• GBP/NZD steadied on Wednesday as traders awaited  Bank of England's policy announcement on Thursday.

• UK interest rates are anticipated to remain steady when the BoE announces policy on Thursday, with markets fully pricing in the first interest rate decrease by the June meeting.

• The pair   is approaching resistance at 23.6%fib . A break above   would unmask 2.850 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 58,while moving averages are trending higher.

• Immediate resistance is located at 2.0792(23.6%fib), any close above will push the pair towards 2.0847(Jan 29th high).

• Immediate support is seen at 2.0654 (38.2%fib) and break below could take the pair towards 2.0553 (50%fib).

Recommendation: Good to buy around 2.0730  with stop loss of 2.0650   and target price of 2.0830 

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