FxWirePro: GBP/NZD downside pressure builds, key support level in focus

• GBP/NZD slipped on Wednesday as  Kiwi dollar firmed as risk sentiment improved, though geopolitical uncertainty remains.

• U.S. officials   played down immediate concerns about oil and gas supply disruptions, noting markets remain well supplied in the short term

• On the data front, UK services sector grew for a 10th straight month in February, though new order growth slowed and job cuts continued, according to data from S&P Global..

• The S&P Global UK Services PMI was 53.9 in February, slightly down from January’s five-month high of 54.0, with readings above 50 signaling expansion.

• Immediate resistance is located at 2.2578(SMA 20), any close above will push the pair towards 2.2718(38.2%fib).

• Immediate support is seen at 2.2433(23.6%fib) and break below could take the pair towards 2.2392(Lower BB).

Recommendation: Good to sell around 2.2530 with stop loss of 2.2600 and target price of 2.2450