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FxWirePro: GBP/NZD claws back some ground, bulls set to regain control

• GBP/NZD retreated   on Tuesday as currencies early gains evaporated  after UK’s GDP data.

• GBP/NZD dipped near 1.9475, but losses were limited by demand near the 50% fib at 1.9451. 

• GBP/NZD remains bullish , only a close back below  50%fib at 1.9451 , could upset the bullish order.

• Immediate resistance is located at 1.9573 (9DMA ), any close above will push the pair towards 1.9632 (38.2%fib).

• Strong support is seen at 1.9451 (50% fib) and break below could take the pair towards 1.9400 (Psychological level).

Recommendation: Good to buy  around 1.9500, with stop loss of 1.9450 and target price of 1.9570

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