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FxWirePro: GBP/NZD extends drop, faces 23.6% fib support

• GBP/NZD declined on Tuesday as increased risk sentiment and higher commodity prices benefited    New Zealand dollar.

• The is pair heading towards the 1.9245(23.6% fib), as near term direction of the pair is likely to be driven by current price action. 

• Technical are strongly bearish, daily RSI is negative at 32, daily momentum studies  9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.324 (38.2%fib ), any close above will push the pair towards 1.9350 (5DMA).

• Strong support is seen at 1.9249 (23.6%fib) and break below could take the pair towards 1.9200 (Psychological level).

Recommendation: Good to sell  around 1.9280, with stop loss of 1.9320 and target price of 1.9220

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