FxWirePro: GBP/NZD gaining momentum for a move towards 2.3350level

• GBP/NZD ticked higher on Tuesday  as kiwi dollar weakned as investors looked for signs of progress in restoring crude flows through the Strait of Hormuz after U.S.-Iran peace talks.

•Britain's services sector, the country's main growth driver, contracted at its fastest pace in nearly 3½ years in June, highlighting economic challenges facing likely next prime minister Andy Burnham.

• UK S&P Global Services PMI (Jun, flash) fell to 48.7 from 49.3, the weakest since Jan 2023 and below all forecasts in a Reuters poll.

•  The RBNZ is widely expected to lift its cash rate by 25 basis points to 2.50% at its July policy meeting, with markets pricing rates to reach around 3.35% by the end of next year.

• Immediate resistance is located at 2.3325(Higher BB), any close above will push the pair towards 2.3438(23.6%fibb).

• Immediate support is seen at 2.3237(38.2%fib) and break below could take the pair towards 2.3153(23rd June low).

Recommendation: Good to buy around 2.3270  with stop loss of 2.3200  and target price of 2.3350