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FxWirePro:GBP/NZD gains some upside momentum but still bearish

• GBP/ NZD recovered some ground on Tuesday as end-of-quarter rebalancing supported some buying interest in sterling .

• Sterling’s gains against New Zealand dollar were unrelated to news and economic developments and more to do with investors rebalancing portfolios.

• The pound was last up 0.23 % against the New Zealand dollar at  1.9192 (GMT 18:27).

• GBP/NZD remains vulnerable, only a break and daily close above 1.9330 (14 DMA)  will shift bias to the upside.

• Technicals are strongly bearish, daily RSI is at 32, daily momentum studies  5, 9 and 10 DMAs are trending down. 

• Immediate resistance is located at 1.9239 (5DMA ), any close above will push the pair towards 1.9284 (23.6% fib).

• Strong support is seen at 1.9121 (Lower BB) and break below could take the pair towards 1.9000 (Psychological level).

Recommendation: Good to sell around 1.9200, with stop loss of 1.9330 and target price of 1.9080


 

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