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FxWirePro:GBP/NZD remains bullish as rally continues

• GBP/NZD steadied around   2.0700 on Thursdsay  as traders digested  comments from Bank of England (BoE) policymaker Catherine Mann.

• Mann warned the outlook for British inflation was vulnerable to upside shocks, including from events in the Red Sea, a major trade route between Asia and Europe.

• UK CPI on Feb 13-14 are the next reports that could help markets refine positioning, while central bank rhetoric will also remain in focus.

• Technical signals are bullish as RSI is rising at 53, daily momentum studies  5, 9 and 11 DMAs are trending up. 

• Immediate resistance is located at 2.0736(38.2%fib), any close above will push the pair towards 2.0831 (Feb 2nd  high)

• Strong  support is seen at 2.0601(50%fib) and break below could take the pair towards 2.0546 (Jan 17th low).

Recommendation: Good   buy   around 2.0700, with stop loss of 2.0500 and target price of 2.780
 

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