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

• GBP/NZD declined on Wednesday as sterling eased ahead of a Bank of England decision on interest rates.

• BOE is widely expected to keep rates unchanged. However, dovish bets have risen recently, with markets pricing in a first rate cut in August.

• GBP/NZD remains vulnerable, only a break and daily close above 50% fib will shift bias to the upside.

• Immediate resistance is located at 2.0886 (38.2% fib), any close above will push the pair towards 2.0934(50% fib).

• Strong support is seen at 2.0817 (23.6% fib) and break below could take the pair towards 2.0757(Lower BB).

Recommendation: Good to sell on  around 2.0840, with stop loss of 2.0950  and target price of 2.0760

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