FxWirePro: GBP/NZD holds narrow range, focus on near-term support

• GBP/NZD traded in narrow range as markets digested the Fed’s expected quarter-point rate cut.

• The Federal Reserve lowered interest rates in a widely-expected move, but indicated it will likely pause its easing cycle at the next policy meeting in January.

• Markets showed little volatility as investors had already priced in the Fed’s move, with futures traders anticipating a further cut in April, though full expectations are deferred until June.

• Powell said following the announcement that monetary policy is well placed to address future economic conditions, though he avoided commenting on the likelihood of another rate cut anytime soon.

• The UK’s growth rate will return to the spotlight this week as the final GDP estimates are released ahead of the New Year

• Immediate resistance is located at 2.3087(Daily high), any close above will push the pair towards 2.3174 (SMA 20).

•  Immediate support is seen at 2.2979 (50%fib) and break below could take the pair towards 2.2902(Lower BB).

 Recommendation: Good to sell around 2.3050 with stop loss of 2.3120 and target price of 2.2950