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FxWirePro: GBP/NZD stuck in range but maintains bearish bias

• GBP/NZD retreated   on Thursday  as currencies early gains evaporated as  investors weighed up the outlook for an economic recovery in UK due to rising   COVID cases  globally.

• GBP/NZD stalled and reversed after facing significant resistance at   at 1.9397 (50%fib. 

• GBP/NZD remains bearish , only a close back above  61.8%fib at 1.9495 , could upset the bullish order.

• Immediate resistance is located at 1.9397 (50%fib ), any close above will push the pair towards 1.9464(21st April high).

• Strong support is seen at 1.9294 (38.2% fib) and break below could take the pair towards 1.9267 (Ichimoku Cloud Top).

Recommendation: Good to buy  around 1.9290, with stop loss of 1.9350 and target price of 1.9210

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