• GBP/NZD initially dipped but recovered ground as investors awaited Bank of England's next policy decision due later this week.
• The BoE is expected to cut rates by 25 bps to 4.25%, but markets will closely watch its statement amid calls for faster easing as Trump's tariffs weigh on global growth.
• Market participants are also eyeing comments from Bank of England Governor Andrew Bailey and MPC member Huw Pill, both scheduled to speak on Friday
• With global growth increasingly threatened by President Trump’s escalating tariff measures, many in the market believe the BoE may need to move more aggressively to support the UK economy.
• Technical signals are bearish as RSI bearish at 44 , daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 2.2424(50%fib ), any close above will push the pair towards 2.2532 (May 5th high).
• Strong support is seen at 2.2255(61.8%fib) and break below could take the pair towards 2.2146(Lower BB).
Recommendation: Good to sell around 2.2340, with stop loss of 2.2450 and target price of 2.2260


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