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FxWirePro:GBP/NZD dips below lower range, bearish bias increases

• GBP/NZD dipped on Friday  as sterling was weighed down by a resurgent dollar and weakness in the British economy.

• Data released on Tuesday showed that British unemployment ticked up to 3.9% in the three months to March, adding downward pressure on sterling

• Technicals are favouring bearish sentiment as RSI is at 40 and the pair is trading below   5,10 & 11-DMAs.

• Immediate resistance is located at 1.9966 (38.2% fib), any close above will push the pair towards 2.0089 (21DMA)

• Strong support is seen at 1.9774(50% fib)and break below could take the pair towards 1.9667(Lower BB).

Recommendation: Good to sell  around 1.9840 with stop loss of 1.9960  and target price of  1.9780

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