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

• GBP/NZD initially dipped but pulled back slightly as investors assessed ongoing geopolitical uncertainty in the Middle East.

•The U.S. and Iran exchanged fresh attacks, while Yemen's Houthis threatened a naval blockade of Saudi Arabia, raising supply concerns and pushing oil prices above $90 a barrel.

•The latest UK employment data had little impact on sterling, as the labour market remained broadly stable. Wage growth met expectations, unemployment held steady, and payrolled employment changed little, leaving expectations for the Bank of England's interest rate outlook largely unchanged.

•Attention now turns to Wednesday's UK inflation report, where both headline and core CPI are expected to ease slightly

• Political developments also remain in focus following the recent change in government, with concerns over the UK's fiscal outlook pushing 10-year gilt yields above 5%, adding another layer of uncertainty for sterling.

• Immediate resistance is located at 2.3130 (61.8%fib), any close above will push the pair towards 2.3251(SMA20).

• Immediate support is seen at 2.2875 (50%fib) and break below could take the pair towards 2.2811(Lower BB).

Recommendation: Good to sell around 2.2980 , with stop loss of 2.3100 and target price of 2.2900