• GBP/NZD strengthened on Tuesday as the prospect of tariff reprieve and potential ceasefire in Ukraine boosted pound.
• Surveys of retailers and consumers indicate that British consumer spending slowed last month. The British Retail Consortium (BRC) reported a 1.1% year-on-year increase in retail sales for February, a sharp decline from the 2.6% growth recorded in January.
• Investors are awaiting the UK's January GDP report, which is scheduled for release on Friday. The data will provide key insights into the UK’s economic performance
• Technical signals show the pair could gain more ground in the short-term as RSI is at 70,while moving averages and MACD are trending higher.
• Immediate resistance is located at 2.2718(23.6%fib), any close above will push the pair towards 2.2852(Higher BB).
• Immediate support is seen at 2.2491 (38.2%fib) and break below could take the pair towards 2.2017(50%fib).
Recommendation: Good to buy around 2.2640, with stop loss of 2.2430, and target price of 2.2900
