FxWirePro: GBP/NZD pushes recovery envelope from 2.2300 low

• GBP/NZD edged higher  on Tuesday as investors geared up for the Bank of England policy meeting.

• The Bank of England (BoE) is expected to hold interest rates steady later this week, maintaining its cautious stance amid ongoing economic uncertainties.

•All 61 economists polled   this week expect the BoE to leave rates on hold at 4.5%, with the next cut not likely until May.

• Meanwhile, markets are pricing in relatively hawkish policy, with barely two additional BoE cuts expected for the remainder of 2025.

• Immediate resistance is located at 2.2493(38.2%fib), any close above will push the pair towards 2.2752(23.6%fib).

• Immediate support is seen at 2.2292 (50%fib) and break below could take the pair towards 2.2096(61.8%fib).

Recommendation: Good to buy around 2.2200, with stop loss of 2.1900, and target price of 2.2350