FxWirePro : GBP/NZD bears gain momentum amid soft UK data, heightened tariff concerns

• GBP/NZD extended losses on Friday as the pound weakened amid mounting concerns over slowing UK growth and escalating U.S. tariff tensions.

• UK GDP shrank for a second straight month in May, adding pressure on the government as global economic uncertainty deepens.

•  The data reinforced expectations of a Bank of England rate cut next month, with markets pricing in a 77.2% chance of a 25 basis point reduction.

• Meanwhile, Trump intensified his tariff offensive, announcing a 35% levy on Canadian imports starting next month, along with proposed blanket tariffs of 15%–20% on most other trade partners. The EU, meanwhile, awaited its own tariff notification.

• Immediate resistance is located at 2.2705(38.2%fib), any close above will push the pair towards 2.0843(Higher BB)

• Support is seen at 2.2406 (38.2%fib) and break below could take the pair towards 2.2256 (Lower BB).

Recommendation: Good to sell  around 2.2480with stop loss of 2.2580  and target price of 2.2380