FxWirePro : GBP/NZD climbs as sterling finds support from BoE hold

• GBP/NZD rose higher on Thursday after  the Bank of England left borrowing costs unchanged.

• The Bank of England held rates at 4.25% on Thursday as expected, citing concerns over a weakening labour market and rising energy prices amid escalating Middle East tension.

• The Bank of England kept rates unchanged at 4.25%, with a 6–3 vote split, as three members pushed for a 25 bps cut amid persistent inflation and global uncertainty.

• The BoE cut rates by 25 basis points to 4.25% on May 8, with a divided MPC—two members pushing for a deeper cut and two preferring no change.

• The central bank said that while rising Middle East tensions were not a key factor in its June rate decision, they would be closely monitored going forward.

• Immediate resistance is located at 2.2599(June 13th high), any close above will push the pair towards 2.2700 (Higher BB)

• Support is seen at 2.2464 (50%fib) and break below could take the pair towards 2.2181(61.8%fib).

Recommendation: Good to buy  around 2.2450 with stop loss of 2.2250  and target price of 2.2650