• 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
