FxWirePro: GBP/NZD recovers some ground but bears are not done yet

• GBP/NZD rebounded on Wednesday  as investors digested RBNZ rate decision and UK inflation data

• The RBNZ kept its main official cash rate at 2.25% on Wednesday and said monetary policy would stay accommodative for some time

• Reserve Bank of New Zealand Governor Anna Breman l  said the central bank was not planning rate hikes until inflationary pressure increases and the economy grows.

• Meanwhile, Data from the Office for National Statistics showed U.K. consumer price inflation eased to a ten-month low in January, with the CPI rising 3.0% YoY, in line with expectations.

• This marked the lowest United Kingdom inflation since March 2025 (2.6%), down from December’s 3.4% increase.

• Technical signals are bearish  as RSI is   trending lower, moving averages are trending down

• Immediate resistance is located at 2.2682 (SMA 20), any close above will push the pair towards 2.2728(50% fib).

• Strong support is seen at 2.2400 (38.2% fib) and break below could take the pair towards 2.2365 (Lower BB).

Recommendation: Good to sell on  around 2.2640  with stop loss of 2.2800   and target price of 2.2570