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FxWirePro:GBP/NZD remains bullish as rally continues

• GBP/ NZD rose on Thursday as gains driven by New Zealand dollar weakness as traders shrugged off Wednesday’s dismal UK GDP data.

• New Zealand dollar slipped after Reserve Bank of New Zealand surprised many by expanding its bond buying campaign.

•  At GMT 17:45, the pair was trading 0.63% higher at 1.9934, highest  since 2nd  June.  

• GBP/NZD remains bullish, only a break and daily close below  1.9722 (14 DMA)  will shift bias to the downside.

• Technicals favours uptrend, daily RSI is at 60, daily momentum studies  5, 9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.9981(200 DMA ), any close above will push the pair towards 2.0070 (23.6% fib).

• Strong support is seen at 1.9870 (38.2% fib) and break below could take the pair towards 1.9820 (5DMA).

Recommendation: Good to buy  around  1.9900, with stop loss of 1.9700 and target price of 2.0100.

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