FxWirePro: GBP/NZD downside pressure builds, key support levels in focus

• GBP/NZD  dipped  on Friday as escalating tensions in Middle East offset upbeat retail sales data.

• The escalating U.S.-Iran conflict intensified after Yemen's Iran-backed Houthi militia attacked vessels in the Red Sea, raising concerns over further disruptions to global energy supplies.

• Oil prices eased on Friday but remained on track for a fourth consecutive weekly gain, with prices surging more than 35% so far this month.

•British retail sales unexpectedly rose in June as warm weather and the FIFA World Cup boosted spending on air conditioners and clothing, signalling stronger consumer demand and a pickup in economic activity.

• UK retail sales rebounded strongly in June, with volumes rising 1.0%, far exceeding economists' expectations for a 0.3% decline. The ONS also revised May's increase up to 1.2% and April's fall to a smaller 0.7% decline.

• Immediate resistance is located at 2.3194(61.8%fib), any close above will push the pair towards 2.3245(SMA20).

• Immediate support is seen at 2.2971(50%fib) and break below could take the pair towards 2.2850(Lower BB).

Recommendation: Good to sell around 2.3020 , with stop loss of 2.3100 and target price of 2.2900