•GBP/NZD dipped on Tuesday as easing oil prices lifted broader risk sentiment and supported risk-sensitive currencies.
• Investors have grown increasingly optimistic that a peace deal between the U.S. and Iran could be on the horizon, as recent signals from both sides suggest a willingness to re-engage in diplomatic talks.
• U.S. crude tumbled 7.11% to $92.04 a barrel and Brent slumped to $95 per barrel, down 4.39% on the day.
• Britain’s reliance on energy imports has left the pound under persistent pressure throughout the conflict, as surging oil and gas prices have worsened the country’s trade balance and increased inflation risks.
• Upcoming UK data releases, including February GDP, industrial production, and the trade balance (due April 16), will be closely monitored for signals on whether the economy is holding up or losing momentum.
• Immediate resistance is located at 2.3037 (SMA20), any close above will push the pair towards 2.3101(April 14th high).
• Immediate support is seen at 2.2970(50%fib) and break below could take the pair towards 2.2844(Lower BB).
Recommendation: Good to sell around 2.3030 with stop loss of 2.3100 and target price of 2.2860
