• GBP / NZD initially gained but gave up ground on Tuesday as attention shifted to upcoming U.S. Federal Reserve and Bank of England policy decisions.
• The BoE is widely expected to cut rates a further 25 basis points to 4.25%, but the statement accompanying its decision will be closely watched by market participants.
• The Bank of England will delay the announcement of its latest interest rate decision by two minutes on Thursday, publishing the decision at 1102 GMT rather than 1100 GMT, the bank said on Tuesday.
• On the data front, Britain's services sector contracted in April for the first time since October 2023, marking its fastest decline in over two years, as U.S. tariff concerns weighed on exports and sentiment.
• Immediate resistance is located at 2.2379(Daily high), any close above will push the pair towards 2.2576(38.2% fib).
• Strong support is seen at 2.2240(61.8% fib) and break below could take the pair towards 2.2085(Lower BB)
Recommendation: Good to sell around 2.2300 with stop loss of 2.2380 and target price of 2.2100
