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FxWirePro:GBP/NZD steadies above 1.9500, retains bid tone

• GBP/ NZD rose above 1.9500 as focus shifts to BoE decision on interest rate.

• The Bank of England is   expected to lift borrowing costs by a bigger 50 basis points to 1.75% on Thursday as it battles soaring inflation.

• Pair traded in 1.9548/1.9434 range and was last trading at 1.9514. 

• Technical signals are bullish as RSI is at 61, daily momentum studies  5,9 and 10 DMAs are trending up. 

• Immediate resistance is located at 1.9563 (Higher BB), any close above will push the pair towards 1.9662(23.6%fib).

•  Support is seen at 1.9502 (38.2% fib  ) and break below could take the pair towards 1.9382 (30DMA).

• Recommendation: Good to buy around 1. 9500, with stop loss of 1. 9350 and target price of 1. 9610
 

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