FxWirePro: GBP/NZD downtrend extends, remains on bearish path

• GBP/NZD dipped on Friday   as renewed geopolitical tensions   weighed on on the pair.

• The conflict intensified on Friday after the U.S. bombed bridges in Iran and Tehran retaliated by attacking a power and desalination plant in Kuwait, broadening the scope of targets to critical infrastructure.

• Following the collapse of their ceasefire last week, Washington and Tehran have continued to test the limits of escalation, raising concerns that the conflict could spiral back into full-scale war.

• Rising oil prices linked to Middle East risks have increased concerns over energy supply disruptions.

• UK economic data provided limited additional support. Monthly GDP increased 0.1% in May after contracting 0.1% in April. However, weak business confidence and uneven sector performance continued to highlight challenges facing the economy.

• Immediate resistance is located at 2.3248 (38.2%fib), any close above will push the pair towards 2.3309(SMA20).

• Immediate support is seen at 2.3005 (50%fib) and break below could take the pair towards 2.2860(Lower BB).

Recommendation: Good to sell around 2.3050 , with stop loss of 2.3180 and target price of 2.2950