• GBP/NZD edged higher on Thursday as Kiwi weighed down by strong expectations of another RBNZ rate cut.
• Investors are focused on next week’s RBNZ policy decision, with markets fully pricing in another rate cut.
• Markets anticipate another RBNZ rate cut after October’s unexpected 50 bps reduction, as lower inflation expectations, weak confidence, and sluggish demand support further easing.
• On the data front, traders will be watching New Zealand’s October trade report on Friday, which includes figures for exports, imports, and both the monthly and annual trade balance.
• Immediate resistance is located at 2.3497(23.6% fib), any close above will push the pair towards 2.3597(Higher BB).
• Immediate support is seen at 2.3238(38.2%fib) and break below could take the pair towards 2.3173(SMA 20).
Recommendation: Good to buy around 2.3400 with stop loss of 2.3200 and target price of 2.3500
