• GBP/NZD advanced on Wednesday as investors turned to riskier assets after Fed Chair Jerome Powell signaled the possibility of further U.S. rate cuts .
• Attention now turns to the UK’s August GDP report, seen as a key guide to the BoE’s policy direction following last month’s rate hold at 4%.
• The data will help determine whether the economy is showing enough resilience to keep interest rates steady or if further policy easing may be warranted in the months ahead.
• Meanwhile, the International Monetary Fund's chief economist said on Tuesday that the Bank of England needs to be "very cautious" about future rate cuts.
• Money markets are placing an 87% chance of no change at the BoE's next meeting on November 6.
• Immediate resistance is located at 2.3460 (23.6%fib), any close above will push the pair towards 2.3502 (Higher BB).
• Immediate support is seen at 2.3284 (Daily low) and break below could take the pair towards 2.3169 (SMA 20).
Recommendation: Good to buy around 2.3400, with stop loss of 2.3300, and target price of 2.3500
