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FxWirePro: GBP /NZD slips below 2.3000 level, but bullish setup remains

• GBP /NZD   slipped  below2.3000  level   as market eyes turned to Friday’s core PCE data release.

• Economists polled by Reuters expect the PCE price index    to rise 2.6% in July, matching June's rise.

• The figures are expected to provide key insights into consumer spending trends and inflationary pressures, potentially influencing the central bank’s upcoming policy decisions, including interest rate adjustments.

• Market participants are closely watching for any surprises that could shift expectations for future monetary policy.

• Immediate resistance is located at 2.3090 (Daily high), any close above will push the pair towards 2.3250 (23.6% fib).

• Immediate support is seen at 2.2950 (38.2% fib) and break below could take the pair towards 2.2817 (SMA 20).

Recommendation: Good to buy on dips around 2.2950, with stop loss of 2.2800 and target price of 2.3100.
 

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