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FxWirePro:GBP/NZD positions for another climb, eyes 1.9250 level

• GBP/ NZD strengthened on Wednesday  as sterling was boosted  by above-target  UK inflation data.

• UK CPI data boosted  hawks advocating another 50 bps BoE hike next month.

• Today’s rise has passed through the 38.2%fib fibonacci retrace point at 1.9131 and now eyes the 23.6%fib at 1.9202.

• Immediate resistance is located at 1.9173 (Jan 17th high), any close above will push the pair towards 1.9202 (23.6%fib).

• Support is seen at 1.9131 (38.2%fib) and break below could take the pair towards 1.9101 (14DMA).

 Recommendation: Good to buy around 1.9180, with stop loss of 1.9100 and target price of 1.9250

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