FxWirePro: GBP/NZD downtrend loses steam but outlook still bearish

• GBP/NZD slipped lower on Friday as an election in northern England brought a resounding defeat for Prime Minister Keir Starmer's Labour party.. 

• Britain’s left-wing Green Party secured a landslide win on Friday in a Manchester district long dominated by Labour for nearly a century, intensifying pressure on Keir Starmer amid weeks of political turmoil and growing calls for his resignation.

• British Prime Minister Keir Starmer pledged to confront political extremes on both sides after the Labour Party lost to the Green Party in a long-standing Labour stronghold.

• The loss came amid mounting pressure on Keir Starmer, as some lawmakers urged him to resign over the controversial appointment of Peter Mandelson as ambassador to Washington, citing his past associations with Jeffrey Epstein.

• The pound remains highly sensitive to UK political developments, with uncertainty surrounding Keir Starmer’s future and the prospect of a more left-leaning successor weighing on investor sentiment.

•Immediate resistance is located at 2.2517 (Daily high ), any close above will push the pair towards 2.2683(38.2%fib).

•Strong support is seen at 2.2400 (23.6% fib) and break below could take the pair towards 2.2364(Lower BB).

Recommendation: Good to sell  around 2.2500, with stop loss of 2.2550,  and target price of 2.2450