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FxWirePro : GBP/NZD neutral in the near-term, scope for downward resumption

• GBP/NZD dipped modestly as investors looked ahead to fresh data and central bank updates, keeping the decline in check.

•   The UK will publish monthly GDP, industrial output, and trade figures on Friday, offering an important gauge of economic health.

• Meanwhile,next week, the BoE is likely to keep rates on hold as it navigates the trade-off between high inflation and a softening economy.

• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below  11,14 & 21-DMAs.

• Immediate resistance is located at 2.2902(50% fib), any close above will push the pair towards 2.2927(SMA 20)

• Strong support is seen at 2.2768 (61.8% fib)and break below could take the pair towards 2.2748(Lower BB).

Recommendation: Good to sell  around 2.2820  with stop loss of 2.2900 and target price of  2.2750

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