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FxWirePro:GBP/ NZD outlook weaker on renewed downside pressure

• GBP/NZD declined on Friday    as improved risk appetite drove capital flows to kiwi dollar after US data.

• Stocks , commodities ,  riskier assets rallied on risk-on trade after U.S. jobs report.

• The is pair heading towards the 23.6%fib, as near term direction of the pair is likely to be driven by current price action.  

• Technical signals are bearish as RSI is heading down , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 1.9072 (9DMA ), any close above will push the pair towards 1.9215(Jan 3rd high).

• Strong support is seen at 1.9024(23.6%fib) and break below could take the pair towards 1.8929 (Lower BB).

Recommendation: Good to sell on  around 1.9050, with stop loss of 1.9120 and target price of 1.8950

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