FxWirePro: GBP/NZD outlook weaker on renewed downside pressure

•GBP/NZD dipped on Tuesday as  surge in commodity prices helped buoy New Zealand  dollar.

•Oil prices edged higher, with Brent crude futures up 1.2% at $64.71 a barrel  and U.S. West Texas Intermediate settled up 1.51% at $60.34 a barrel  .

•Gold hit a record high, rising above $4,700 an ounce  . It was last up rose 2% to $4,763.28 an ounce.

• Meanwhile,A batch of domestic data, including business surveys and preliminary inflation indicators, has exceeded expectations, strengthening optimism that New Zealand’s economy is gaining traction after years of aggressive policy easing..

• Markets are now eyeing Friday’s NZ Q4 inflation print, with risks tilted to the upside. A Reuters survey projects a 0.5% quarterly gain, holding annual inflation at 3%, the top end of the policy target range.

• Immediate resistance is located at 2.3091(50%fib), any close above will push the pair towards 2.3271(SMA 20).

• Immediate support is seen at 2.2985 (Lower BB) and break below could take the pair towards 2.2885(61.8%fib).

Recommendation: Good to sell  around  2.3060, with stop loss of 2.3160 and target price of 2.2915