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FxWirePro:GBP/NZD rebounds as dip buying emerge

• GBP/ NZD rebounded  on Monday  as investors positioned ahead  of a pivotal  UK inflation report.

• UK July inflation data due on Wednesday.  UK CPI is forecast to fall to 8.2% YY.  

• Technical   highlight upside risks. The 30- and 50-day moving averages lend support, daily RSI is rising at 52.  

•  Immediate resistance is located at 2.0714 (23.6%fib), any close above will push the pair towards 2.0808(June 30th high).

• Support is seen at 2.0606(30DMA) and break below could take the pair towards 2.0502 (38.2%fib).

• Recommendation: Good to buy around 2.0650, with stop loss of 2.0520 and target price of 2.0730
 

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