FxWirePro: GBP/NZD stuck in range but maintains bearish bias

• GBP/NZD edged higher on Tuesday but gains were limited as investors adopted a cautious trading approach ahead of the Federal Reserve’s latest interest rate decision.

• The FOMC is expected to keep interest rates unchanged at 3.50%–3.75% after its two-day meeting on Wednesday..

• Traders expect only limited Fed rate cuts as the labor market stays strong, inflation peaks, and rates near a neutral level.

• On the data front, prices at British retailers rose this month at their fastest pace since February 2024, led by increases in food, furniture, health, and beauty products..

• Immediate resistance is located at 2.2976 (50%fib), any close above will push the pair towards 2.3208(38.2%fib).

• Immediate support is seen at 2.2818 (Oct 29th low) and break below could take the pair towards 2.2731 (61.8%fib).

Recommendation: Good to sell around 2.2950 with stop loss of 2.3080 and target price of 2.2850