• GBP/NZD steadied around 2.2490 on Friday as investors assessing UK fiscal worries and the rate cut path, while weak global investor sentiment persisted ahead of a U.S. tariff deadline..
• Budget plans by Finance Minister Rachel Reeves face a setback after welfare reforms were watered down, with the final bill delivering fewer cost cuts than forecast.
•Concerns are mounting that the shortfall could force the government into tax increases or budget cuts in other sectors.
• On the data front, S&P's UK construction PMI data showed the sector’s downturn eased in June, supported by growth in homebuilding, though commercial construction fell sharply amid economic concerns.
• The S&P Global UK Construction Purchasing Managers' Index rose to 48.8 from 47.9 in May, a six-month high but still below the 50 threshold denoting growth.
• Meanwhile,The Bank of England's Alan Taylor said on Friday that cutting interest rates now would be better than waiting and risking cutting them later in a hurry.
• Immediate resistance is located at 2.2595(Daily high), any close above will push the pair towards 2.2731(38.2%fib)
• Support is seen at 2.2386 (50%fib) and break below could take the pair towards 2.2258 (Lower BB).
Recommendation: Good to buy around 2.2470 with stop loss of 2.2400 and target price of 2.2590
