• GBP/NZD edged higher but gains were limited as investors waited for clarity on the prospects of a resolution to the war in the MiddleEast.
• Trump threatened to target Iran's power plants and bridges on Tuesday if the strategic waterway is not reopened, setting a precise deadline of 8 p.m. Eastern Time (0000 GMT Wednesday).
• However, investors were also left weighing the possibility of a ceasefire after a media report • suggested a last-ditch push from negotiators was underway.
• The Hormuz closure has pushed oil prices well above $100 per barrel, stoking fears of high inflation and upending the outlook for interest rates across the world.
• Immediate resistance is located at 2.3215(April 3rd high), any close above will push the pair towards 2.228438.2%fib).
• Immediate support is seen at 2.3106( 50%fib 0) and break below could take the pair towards 2.3000(Psychological level).
Recommendation: Good to buy around 2.3160 with stop loss of 2.3100 and target price of 2.2760
