FxWirePro: GBP/NZD downtrend loses momentum but bearish setup remains

• GBP/NZD moved  y higher on Thursday   as investors remained nervous over a fragile ceasefire in the Middle East.

• Despite an ongoing ceasefire, there was no certain end in sight for the conflict that has flooded global markets with volatility. .

• Hostilities continued between Israel and Hezbollah in Lebanon and the U.S. enforced a strict blockade of Iranian ports, drawing ire from Tehran..

•A survey of UK business activity showed companies reported a record jump in costs in April, while a separate survey of confidence in the manufacturing sector showed deep pessimism and the steepest rise in costs since records began for that report in 1975..

• Immediate resistance is located at 2.3026(SMA 20), any close above will push the pair towards 2.3144(61.8%fib).

• Immediate support is seen at 2.2908(50%fib) and break below could take the pair towards 2.2857(Lower BB).

Recommendation: Good to sell around 2.2980 with stop loss of 2.3050  and target price of 2.2900