GBP/NZD dipped on Monday as markets reacted to renewed geopolitical uncertainty and rising energy prices.
• Sentiment was further weighed by concerns over potential escalation in the Strait of Hormuz, a key global oil transit route, which reinforced inflation fears and supported safe-haven flows.
• Oil prices surged sharply after the U.S. announced a blockade of the Strait of Hormuz—raising fears of major supply disruptions through one of the world’s key energy chokepoints.
• Higher energy prices have led markets to price in potential Bank of England rate hikes, though most brokers still expect no rate increase in 2026.
• Upcoming UK data releases, including February GDP, industrial production, and trade balance (due April 16), are expected to be closely watched for signs of economic resilience or further slowdown.
• Immediate resistance is located at 2.3033 (SMA20), any close above will push the pair towards 2.3107(61.8%fib).
• Immediate support is seen at 2.2892(50%fib) and break below could take the pair towards 2.2842(Lower BB).
Recommendation: Good to sell around 2.3030 with stop loss of 2.3100 and target price of 2.2860
