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FxWirePro: GBP/NZD downside pressure builds, key support level in focus

• GBP/NZD   declined   on Tuesday as investors looked ahead to Reserve Bank of New Zealand (RBNZ) policy meeting.

•The RBNZ is widely expected to hold the OCR at 5.50%. The focus will be on the bank's Monetary Policy Statement (MPS) and its forecast profile for the OCR.

• The pair is currently approaching support at 1.9948 (23.6%fib). A break and daily close below will accelerate trend further lower towards 1.9850 level.

• Technical signals are bearish  as RSI is  lower at 48, moving averages are heading south.

• Immediate resistance is located at 2.0740 ( 9DMA), any close above will push the pair towards 2.0740 ( 38.2% fib).

• Immediate support is seen at 2.0625 (23.6%fib) and break below could take the pair towards 2.0567(Lower BB).

 Recommendation: Good to sell around 2.0700, with stop loss of 2.0800 and target price of 2.0650

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