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

• GBP/NZD recovered some ground  on Monday as investors watched developments in U.S.-Iran peace negotiations .

• U.S. President Donald Trump said talks with Iran continue. Earlier, Iran's news agency announced Tehran ​was halting indirect negotiations with Washington after a new round of strikes threatened to derail diplomatic efforts to end the war, now in its fourth ​month.

•The intensification of hostilities sent crude prices jumping, along with worries over the extent to which a protracted war could accelerate inflation.

•In economic news, The headline UK manufacturing PMI activity index   rose to its highest since May 2022 at 53.9 after being revised up from an initial reading of 53.7.

• Immediate resistance is located at 2.2718 (50%fib), any close above will push the pair towards 2.2818 (SMA 20).

• Immediate support is seen at 2.2539(Lower BB) and break below could take the pair towards 2.2459(23.6%fib).

Recommendation: Good to sell around 2.2720  with stop loss of 2.2860  and target price of 2.2630