FxWirePro: GBP/NZD attracts selling interest, vulnerable to more downside

• GBP/NZD initially gained but gae up ground on Monday as  investors digested the implications of a weekend trade agreement between the United States and the European Union .

• The U.S. and EU reached a trade deal Sunday, setting a 15% tariff on most EU goods and requiring $600 billion in EU investment in the U.S.

•Following recent U.S. trade deals with Japan, Indonesia, and the Philippines, Europe's pact came just days before Trump’s August 1 deadline, as other nations raced to strike similar agreements.

• The Bank of England is widely expected to cut interest rates by 25 basis points on August 7, a move that could weigh further on sterling.

• Key U.S. data releases this week include Tuesday’s trade balance and JOLTS job openings, followed by the ADP employment report and the Fed decision on Wednesday. Thursday will bring the core PCE price index.

• Immediate resistance is located at 2.2458 (50%fib), any close above will push the pair towards 2.2509(SMA 20)

• Support is seen at 2.2316 (Lower BB) and break below could take the pair towards 2.2266 (Lower BB).

Recommendation: Good to sell around 2.2380 with stop loss of 2.2550  and target price of 2.2300