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FxWirePro:GBP/NZD resumes downside after failing to break above 21 DMA

• GBP/NZD dipped on Monday as concern UK may be heading towards hard Brexit weighed on sterling.

• At GMT 16:54, the pair was trading down 0.83 percent  at 1.9180 after reaching daily low at 1.9144.

• UK June inflation figures are due on Wednesday, with annualized CPI forecast to match May's four-year low of 0.5% .

•A CPI miss would be a boost for doves advocating more quantitative easing   from the Bank of England, that may put further downside pressure.

• Technicals are favouring bearish sentiment as RSI is at 38 and the pair is trading below   11 & 21-DMAs.

• Immediate resistance is located at 1.9180 (38.2% fib), any close above will push the pair towards 1.9250 (21 DMA)

• Support is seen at 1.9148 (Daily low ) and break below could take the pair towards 1.9029 (23.6%  fib).

Recommendation: Good to sell  around 1.9180, with stop loss of 1.9300 and target price of 1.9080

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