FxWirePro: GBP/NZD dips as sterling eases as Burnham steps in

• GBP/NZD dipped on Monday  as investors reacted  to Andy Burnham becoming Britain's seventh prime minister in a decade.

• British Prime Minister Andy Burnham reappointed Jonathan Reynolds as business minister and Angela Rayner as housing minister, his office said in a statement on Monday.

·  Burnham said he would adhere to fiscal rules as he seeks to cut homelessness and boost public housing, using lower welfare spending to finance increased defence expenditure.

• Rising geopolitical risks that propel oil beyond $100 a barrel could complicate the new prime minister's spending plans, with movements in gilt yields expected to reflect investor concerns over fiscal discipline.

• Global risk sentiment remained fragile as U.S. strikes on Iran entered a ninth consecutive day, while Yemen's Iran-backed Houthis announced a naval blockade on Saudi Arabia.

• Immediate resistance is located at 2.3121 (50%fib), any close above will push the pair towards 2.3177(Daily high).

• Immediate support is seen at 2.946(61.8%fib) and break below could take the pair towards 2.2855(Lower BB).

Recommendation: Good to sell around 2.3000 , with stop loss of 2.3100 and target price of 2.2850