FxWirePro: GBP/NZD down trend loses steam, remains on bearish path

• GBP/NZD recovered some ground on Thursday  as  expectations that a jump in oil prices driven by the Middle East conflict will stoke inflation..

• Political pressure is mounting on Keir Starmer after his Labour Party lost a key local election in Manchester, while he also faces criticism over his stance on the U.S.–Israel conflict with Iranmonth, down from 75% on Friday.

•UK economic data has been mixed, with Britain’s construction sector contracting for the 14th straight month in February, while services PMI showed stronger activity

• A BoE survey showed UK employers' expectations for wage growth held at their joint-lowest in ⁠nearly four years in February.

• Immediate resistance is located at 2.2682 (38.2%fib), any close above will push the pair towards 2.2727(Higher BB).

• Immediate support is seen at 2.2582(SMA 20) and break below could take the pair towards 2.2422(23.6%fib).

Recommendation: Good to sell around 2.2660 with stop loss of 2.2770 and target price of 2.2600