FxWirePro: GBP/NZD downtrend loses steam, remains on

GBP/NZD dipped on Thursday as renewed geopolitical tensions weighed on risk-sensitive currencies. Iran and the U.S. intensified attacks, further undermining last months truce, while Tehran denied President Trumps claim...

• GBP/NZD dipped on Thursday as renewed geopolitical tensions weighed on risk-sensitive currencies. • Iran and the U.S. intensified attacks, further undermining last month's truce, while Tehran denied President Trump's claim that it had released a U.S. citizen.

• The re-escalation has once again largely halted traffic through Hormuz, the world's most important shipping route for oil and gas, pushing up global energy prices. •Tehran resumed its blockade of the Strait of Hormuz and Washington again blockaded Iranian ports from Wednesday.

• Oil prices edged slightly lower and U.S. Treasury yields retreated from session highs, overall market sentiment remained fragile.. • Immediate resistance is located at 2.3238 (38.2%fib), any close above will push the pair towards 2.3302(SMA20). • Immediate support is seen at 2.3005 (50%fib) and break below could take the pair towards 2.2965(Lower BB).

Recommendation: Good to sell around 2.3080 , with stop loss of 2.3180 and target price of 2.3000

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