FxWirePro: GBP/NZD recovers some ground but bearish outlook persist

• GBP/NZD recovered some ground on Tuesday as  investors pulled out of riskier assets in a global flight to safety triggered by the escalating conflict in the Middle East.

• A jump in crude prices overall has pushed traders to re‑evaluate the likelihood and timing of interest rate cuts by major central banks.

•Higher energy costs threaten to elevate consumer prices, particularly for economies heavily dependent on oil imports, making policymakers more cautious about easing financial conditions too soon..

• New Zealand’s high dependence on imported energy makes its economy more vulnerable to rising global energy prices.

• Immediate resistance is located at 2.2687 (38.2%fib), any close above will push the pair towards 2.2762(Higher BB).

• Immediate support is seen at 2.2582(SMA 20) and break below could take the pair towards 2.2422(23.6%fib).

Recommendation: Good to sell around 2.2690 with stop loss of 2.2770 and target price of 2.2600