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FxWirePro:GBP/NZD struggle to extend its recovery, good to sell on rally

• GBP/ NZD initially gained on Tuesday but surrender some gains  as doubts crept into hawkish BoE outlook .

• GBP/ NZD is likely to remain under pressure due to uncertainty into the Bank of England rate decision and ongoing friction with the European Union, backed by a weak technical outlook. 

• The pair rebound attempts found sellers. Todays spike up was rejected by the downtrend line and 9DMA. 

• Technical are bearish, daily RSI is negative at 34, daily momentum studies  5 and 9 DMAs are trending down. 

• Immediate resistance is located at 1.9155 ( 50% fib), any close above will push the pair towards 1.9235 (61.8% fib).

• Immediate support is seen at 1.9078 (38.2% fib) and break below could take the pair towards 1.8984 (23.6% fib).

• Recommendation: Good to sell around 1.9120, with stop loss of 1.9220 and target price of 1.9030

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