FxWirePro: GBP/NZD topside capped, sellers still hold the advantage

• GBP/NZD recovered some ground  on Friday as investors digested U.S. payrolls data that showed a sharp decline of 92,000 jobs.

• The recovery proved to be only a temporary “dead-cat bounce,” as buying interest quickly faded and the pair failed to sustain gains.

• Markets remain primarily focused on Middle East tensions, which have pushed oil prices higher amid growing supply uncertainty.

• On the data front, Halifax data showed British house prices ​rose in ⁠February at the fastest annual pace since October, up 1.3% year-on-year and beating economists' forecasts..

• Immediate resistance is located at 2.2782 (38.2%fib), any close above will push the pair towards 2.2961(Jan 28th high).

• Immediate support is seen at 2.2577(SMA 20) and break below could take the pair towards 2.2411(23.6%fib).

Recommendation: Good to sell around 2.2740 with stop loss of 2.2860 and target price of 2.2660