• GBP/NZD steadied on Wednesday as traders digested speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh.
• Bank of England Governor Andrew Bailey said on Wednesday that the central bank is not yet in a position to consider cutting interest rates, despite oil prices retreating to near pre-Iran war levels.
• Bank of England Governor Andrew Bailey reiterated that the BoE can afford to be patient on interest rate decisions, saying policymakers have time to assess how the recent spike in oil prices now easing—filters through the UK economy.
• Federal Reserve Chair Kevin Warsh reaffirmed on Wednesday that the U.S. central bank remains firmly committed to its 2% inflation target, saying he would disappoint anyone expecting a shift toward easier monetary policy despite President Donald Trump's calls for interest rate cuts.
• Immediate resistance is located at 2.3448(23.6%fib), any close above will push the pair towards 2.3517(Higher BB).
• Immediate support is seen at 2.3326(June 30th low) and break below could take the pair towards 2.3251(38.2%fib).
Recommendation: Good to buy around 2.3430 with stop loss of 2.3360 and target price of 2.3480
