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FxWirePro:GBP/NZD rises on softer NZ CPI data ,good to buy on dips

• GBP/ NZD strengthened on Thursday weaker than expected NZ CPI  data weighed on kiwi dollar.

• New Zealand dollar slipped after the data showed inflation was not quite as hot as feared, softening expectations the RBNZ  would again hike rates by 50 basis points in May.

• Today’s rise has passed through the 38.2%fib fibonacci retrace point at 1.9349 and now eyes   1.9500 level

•  Immediate resistance is located at 1.9413 (Higher BB), any close above will push the pair towards 1.9589 (50%fib).

• Support is seen at 1.9349 (38.2%fib) and break below could take the pair towards 1.9118 (14DMA)

• Recommendation: Good to buy around 1.9350, with stop loss of 1.9200 and target price of 1.9450
 

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