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FxWirePro :GBP/NZD tests key support level, scope for further downside

• GBP/NZD declined on Wednesday as the pair was dragged down   growing worries about a recession.

•The pair reaches 1.9133 after extending south from 1.9246 (Daily high). 1.9133 is the lowest level since 5th Dec.

• Technical signals show the pair could lose more ground in the short-term as RSI is at 32 bearish, daily momentum studies 5, 10 and 21 DMAs are trending  down. 

• Immediate resistance is located at 1.9873 (9 DMA),any close above will push the pair towards 1.9949  (38.2 % fib ).

• Immediate support is seen at 1.9133 (23.6% fib) and break below could take the pair towards 1.9070 (Lower BB ).

Recommendation: Good to sell below 1.9190, with stop loss of 1.9260 and target price of 1.9120
 

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