FxWirePro: GBP/NZD edges higher but bias is bearish

• GBP/NZD ticked higher on Monday as markets monitored rising inflation risks and ongoing speculation over Keir Starmer’s leadership.

• Starmer's ​deputy said he would not set out a timetable for his departure, ​defying calls to quit from his party's lawmakers. Starmer said he ⁠remained focused on doing his job....

• Political turmoil is intensifying UK fiscal concerns, with long-term gilt yields rising to their highest levels since 1998 amid fears that a change in leadership could trigger a new wave of unfunded spending..

• The prime minister continues to resist calls for change following disappointing local election results earlier this month.

• Greater Manchester Mayor Andy Burnham said he plans to contest a soon-to-be vacant parliamentary seat, potentially positioning himself to challenge Keir Starmer for the Labour leadership..

• Investors are concerned that Burnham could usher in a ​period of more government spending and borrowing, straining Britain's already stretched public finances.

• Immediate resistance is located at 2.2881(50%fib), any close above will push the pair towards 2.3011(May 6th high).

• Immediate support is seen at 2.2643(38.2%fib) and break below could take the pair towards 2.2557(Lower BB).

Recommendation: Good to sell around 2.2880  with stop loss of 2.2960 and target price of 2.2800