FxWirePro: GBP/NZD gains some upside momentum but still bearish

• GBP/NZD firmed on Friday as investors brushed aside weak UK economic data and focused on developments in the U.S.-Iran conflict..

• British retail sales recorded their biggest fall in nearly a year in April as fuel sales slumped, highlighting weaker consumer spending amid the Iran war and rising energy costs.

• Retail sales volumes fell 1.3% in April from March, marking the steepest monthly drop since May 2025 and exceeding economists’ expectations for a 0.6% decline.

• Separate ONS data showed government borrowing rose more than expected last month, highlighting the fiscal challenges facing UK finance minister Rachel Reeves.

• Market sentiment remained cautious as investors monitored ongoing U.S.-Iran negotiations. While both sides acknowledged some signs of progress, major disagreements on key issues continued to limit optimism.

• Immediate resistance is located at 2.2997(50%fib), any close above will push the pair towards 2.3117(Higher BB).

• Immediate support is seen at 2.2873(SMA20) and break below could take the pair towards 2.2730(38.2%fib).

Recommendation: Good to sell around 2.2300  with stop loss of 2.3070 and target price of 2.2920