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

• GBP/NZD initially dipped   but recovered some     ground  as the escalating ‌Middle East war and surging oil prices deepened inflation fears and cemented expectations for the BOE to hike interest rates.

•  • Oil prices rose over 1% as the Iran conflict showed no signs of easing, with the U.S. preparing to deploy additional troops to the Middle East.

• The BoE held rates at 3.75%, but flagged inflation risks, prompting markets to price in a ~70% chance of an April hike and up to three increases by year-end.

• UK fiscal concerns intensified after February borrowing exceeded expectations, driven by higher debt costs, while the Iran conflict pushed up funding pressures and calls for increased public spending.

• Immediate resistance is located at 2.2953 (61.8%fib), any close above will push the pair towards 2.2992(Higher BB).

• Immediate support is seen at 2.2775(50%fib) and break below could take the pair towards 2.2695 SMA 20).

Recommendation: Good to sell  around 2.2900  with stop loss of 2.2980 and target price of 2.2850