FxWirePro: GBP/NZD retreats slightly but trend is still bullish

• GBP/NZD eased on Thursday  after BoE cuts benchmark rate by 25 basis points to 3.75%.

• The Bank of England lowered interest rates on Thursday following a closely split vote, while signalling that the already cautious pace of policy easing could slow further..

• The Bank of England lowered interest rates to 3.75% on Thursday following a close 5–4 vote, with no support for a larger 50-basis-point cut, signaling to markets that the central bank remains cautious.

• Five Monetary Policy Committee members voted to reduce the Bank of England’s benchmark rate for the sixth time since August 2024, bringing it down from 4% to 3.75%.

• The four other members supported no change as they worried about the potential for inflation - still the highest among the Group of Seven economies - to remain too high.

• The cut took Bank Rate to its lowest level in nearly three years although it is still almost double the European Central Bank's equivalent rate which it kept on hold on Thursday..

• Immediate resistance is located at 2.3251(Daily high), any close above will push the pair towards 2.3411(Higher BB).

• Immediate support is seen at 2.3131 (SMA 20) and break below could take the pair towards 2.3066 (38.2%fib).

Recommendation: Good to buy around 2.0150 with stop loss of 2.0040  and target price of 2.0300