FxWirePro: GBP/NZD set to remain soft into BoE rate decision

• 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