FxWirePro: GBP/NZD up trend gains some momentum but hurdles ahead

 GBP/NZD rebounded  on  Friday   as investors waited  for  outcome  of U.S./Iran talks scheduled for the weekend.

• Investor hopes for a break in Middle East hostilities had been boosted when Israel said on Thursday that it was seeking talks with Lebanon.  

• Iran has cited Israel's continuing attacks on Lebanon as a key sticking point in its ceasefire agreement with the United States, which requires Iran to reopen the Strait of Hormuz

• With the Strait of Hormuz still largely closed to shipping and on concerns persisting over supplies from Saudi Arabia, oil futures were up modestly.

• Meanwhile the latest inflation report showed that U.S. consumer prices increased by the most in nearly four years in March as the war boosted oil prices.

• Immediate resistance is located at 2.3098 (61.8%fib), any close above will push the pair towards 2.3252(Higher BB).

• Immediate support is seen at 2.3004(SMA 20) and break below could take the pair towards 2.2740(50%fib).

Recommendation: Good to sell around 2.3080 with stop loss of 2.2450  and target price of 2.3000