• GBP/NZD initially gained but gave up some ground as investors digested the Bank of England rate decision.
• The BoE kept interest rates at 4.5% as expected but cautioned against assuming future cuts, citing economic uncertainty amid rising U.S. trade tensions.
• The Monetary Policy Committee voted 8-1 to keep rates on hold, with only external member Swati Dhingra voting for a quarter-point cut.
• The BoE decision comes after Fed Chair Jerome Powell signaled no rush to cut rates, citing growth and inflation concerns from Trump’s trade policies.
• Immediate resistance is located at 2.2643(Daily high), any close above will push the pair towards 2.2728(23.6%fib).
• Immediate support is seen at 2.2487(38.2%fib) and break below could take the pair towards 2.2311(50%fib).
Recommendation: Good to buy around 2.2520, with stop loss of 2.2450, and target price of 2.2750
