FxWirePro : GBP/NZD gaining momentum for a move towards 2.3000 level

• GBP/NZD advanced on Wednesday   as market  digest Fed rate decision and Fed Chair Powell's comments.

•   The Fed lowered rates by 25 basis points and signaled a steady pace of cuts ahead, while Chair Jerome Powell stressed that policy decisions will be made on a meeting-by-meeting  basis.

• The latest move marks the Federal Reserve’s first rate cut of 2025, coming after a policy pause since December. The decision follows three reductions in 2024, signaling the central bank’s continued shift toward easing.

• Markets will now watch closely to see whether this cut signals the start of a more extended rate-lowering cycle through the rest of the year.

• Technicals are favouring bearish sentiment as RSI is at 49 and the pair is trading below  11,14 & 21-DMAs.

• Immediate resistance is located at 2.2947(38.2% fib), any close above will push the pair towards 2.3084(Higher BB)

• Strong support is seen at 2.2288 (SMA 20)and break below could take the pair towards 2.2790(50% fib).

Recommendation: Good to buy around 2.2890  with stop loss of 2.2800 and target price of  2.3000