• GBP/NZD eased on Friday as mounting concerns over slowing UK growth and escalating U.S. tariff tensions kept investors cautious.
• UK GDP shrank for a second straight month in May, adding pressure on the government as global economic uncertainty deepens.
• The data reinforced expectations of a Bank of England rate cut next month, with markets pricing in a 77.2% chance of a 25 basis point reduction..
• Meanwhile, Trump escalated his tariff offensive, declaring a 35% levy on Canadian imports effective next month, alongside proposed blanket tariffs ranging from 15% to 20% on most other trading partners.
• Immediate resistance is located at 2.2505(50%fib), any close above will push the pair towards 2.1556(Higher BB)
• Support is seen at 2.2306 (61.8%fib) and break below could take the pair towards 2.227Lower BB).
Recommendation: Good to sell around 2.2530 with stop loss of 2.2600 and target price of 2.2380
