FxWirePro: GBP/NZD gains some upside momentum but still bearish

• GBP/NZD initially dipped but recovered groun  as investors cooler than expected UK Inflation Data and rising fiscal concerns.

• British inflation eased more than expected in June, helped by lower fuel prices following a brief lull in the Iran conflict, although the slowdown is unlikely to offer lasting relief to Prime Minister Andy Burnham's cost-of-living agenda..

• Prime Minister Andy Burnham said he was not making unfunded pledges on the tax-free personal allowance and that taxation decisions would be announced at the next fiscal update in the months ahead.

• Consumer prices rose 2.6% year-on-year in June, easing from 2.8% in May to the slowest annual increase since March 2025.

• Interest rate expectations were largely unchanged. Money markets show investors believe the ​BoE  will likely keep its lending rate steady when it meets next week.

• Immediate resistance is located at 2.3027 (50%fib), any close above will push the pair towards 2.3082(Jul 20th high).

• Immediate support is seen at 2.2870 (Lower BB) and break below could take the pair towards 2.2794(38.2%fib).

Recommendation: Good to sell around 2.3020 , with stop loss of 2.3100 and target price of 2.2950