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FxWirePro:GBP/NZD stuck in range but maintains bullish bias

• GBP/ NZD  gained on Tuesday as sterling was boosted by jobs data showing that Britain’s unemployment fell between January and March.

• The pair attempted to breach resistance at 1.9625 ( 23.6%fib) and dipped towards 1.9559 level . A decisive break closure above 1.9625 could generate further gains.

• Any downside correction is likely to be temporary as barrier at 1.9493(38.2%fib) is set to restricting lower move.

• Immediate resistance is located at 1.9625 ( 23.6%fib), any close above will push the pair towards 1.9544 (5DMA).

• Immediate support is seen at 1.9493(38.2%fib) and break below could take the pair towards 1.9318 (50%fib).

Recommendation: Good to buy around 1.9540, with stop loss of 1.9470 and target price of 1.9640

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