FxWirePro: GBP/NZD recovers despite weak UK labour market report

• GBP/NZD slipped lower on after official data pointed to signs of weakness in the UK labour market.

• Britain’s labour market softened ahead of the employer tax hike this month, Tuesday’s data showed, but strong wage growth continues to pose a dilemma for the Bank of England as it also prepares for potential economic strain from U.S. trade tariffs

•Provisional data from employers submitted to tax authorities showed a 78,000 drop in employment in March the sharpest decline since the early stages of the pandemic in 2020, though figures are subject to revisions.

•The GBP/NZD was last down 0.03% on the day at 2.2440, after last week reaching a three-year high at 2.23102

• Immediate resistance is located at 2.2559(50%fib), any close above will push the pair towards 2.2835(38.2%fib).

• Immediate support is seen at 2.2395(50%fib) and break below could take the pair towards 2.2219(Lower BB).

Recommendation: Good to buy around 2.2400, with stop loss of 2.2300, and target price of 2.2520