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FxWirePro:GBP/NZD capped by the 61.8% fibonacci, good to sell on rallies

• GBP /AUD strengthened on Tuesday as sterling was buoyed by market relief over the Scottish election results.

• The pound was also benefitted  by the Bank of England starting to tighten its bond buying program a week ago, on the back of an improving economic outlook.

• The pair hit daily high at 1.8068 and was last trading at 1.8058 at (GMT 16:29).

• Bulls will need a clear 1.9831 ( 61.8% fib)to take greater control, failure to break higher will spur fresh downward momentum.

• Immediate resistance is located at 1.8074 (Higher BB), any close above will push the pair towards 1.8093 (61.8% fib).

• Immediate support is seen at 1.7994 (50%fib) and break below could take the pair towards 1.7941 (9DMA).

Recommendation: Good to sell  around 1.8080 with stop loss of 1.8140 and target price of 1.8000.
 

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