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FxWirePro: GBP/NZD bulls struggles as upside momentum fades

• GBP/NZD eased  on Friday     as lingering uncertainty over a Middle East ceasefire weighed on sentiment.

• The Bank of England says it’s too early to gauge the full economic impact of the Iran war, but early strains are emerging that could constrain policymakers’ options.

• Official data showed retail sales fell in February after logging the strongest growth in a year and a half in January.

• British consumer sentiment fell to its lowest level in nearly a year in March as worries about the economic fallout from the Iran war and the prospect of sharp price increases weighed on households..

• Immediate resistance is located at 2.3226(38.2%fib), any close above will push the pair towards 2.3308(Higher BB).

• Immediate support is seen at 2.3062 ( 50%fib) and break below could take the pair towards 2.2904 (61.8%fib).

Recommendation: Good to buy  around 2.3050  with stop loss of 2.2940 and target price of 2.3110

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