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FxWirePro:GBP/NZD fades from intra day high as soft UK PMI fuels recession fears

• GBP/NZD have up earlier ground  on Tuesday   as unexpectedly soft PMI data revived UK recession fears weighing on sterling.

• Data showed a sharp slowdown in business activity, adding to concerns that the UK could slip into recession later this year.

• Technical are bearish, daily RSI is negative at 49, daily momentum studies  9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.9485 (5DMA), any close above will push the pair towards 1.9540 (38.2%fib)

• Immediate support is seen at 1.9375 (23.6%fib ) and break below could take the pair towards 1.9247 (9 May low).

Recommendation: Good to sell  around 1.9450, with stop loss of 1.9650 and target price of 1.9350

 

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