FxWirePro: GBP/NZD attracts selling interest, vulnerable to more downside

• GBP/NZD slipped lower  as   UK political uncertainty and reduced tightening expectations from the Bank of England weighed on sterling.

•The Reserve Bank of New Zealand kept its Official Cash Rate at 2.25%, reiterating that policy remains accommodative as inflation moves toward the midpoint of its target range.

•Governor Anna Breman stated recently  that gradually improving economic conditions should support a pickup in growth this year without reigniting strong inflationary pressures.

• Meanwhile, Bank of England Governor Andrew Bailey said a March rate cut is possible, though services inflation has not slowed as much as hoped.

• The Bank of England adopted a more dovish tone in early February, holding rates in a narrow 5–4 vote and signaling cuts are likely if inflation continues to ease..

•Immediate resistance is located at 2.1619 (SMA 20 ), any close above will push the pair towards 2.2688(38.2%fib).

•Strong support is seen at 2.2454 (Lower BB) and break below could take the pair towards 2.2403 (23.6% fib).

Recommendation: Good to sell  around 2.2620, with stop loss of 2.2700 and target price of 2.2530