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FxWirePro: GBP/NZD downside pressure builds, key support level in focus

• GBP/NZD edged  lower on Wednesday after   Bank of England Governor Andrew Bailey signalled a cautious stance amid tariff-driven growth concerns.

• Bailey emphasized the economic drag from global trade tensions, aligning with a more dovish outlook from other central banks.

• Markets are increasingly pricing in a rate cut in May, with attention turning to whether the BoE may remain open to another move in June.

• All eyes are on Friday’s UK retail sales data at 0600 GMT.Friday’s UK retail sales figures could prove pivotal for shaping expectations on upcoming rate moves.

• Immediate resistance is located at 2.2354(38.2%fib), any close above will push the pair towards 2.2515(April 15th high).

• Immediate support is seen at 2.2180(23.6%fib) and break below could take the pair towards 2.2016(Lower BB).

Recommendation: Good to buy around 2.0830 with stop loss of 2.0900, and target price of 2.0750

 

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