• GBP/USD advanced on Wednesday after the Bank of England implemented a widely expected interest rate cut.
• The BoE cut its main rate by 25 basis points to 4.25%, despite an unexpected three-way split among policymakers, as Trump's tariffs continue to pressure global economic growth..
• The BoE's Monetary Policy Committee voted 5-4 to cut rates by 25 basis points. Swati Dhingra and Alan Taylor supported a larger 50-point cut, while Huw Pill and Catherine Mann favored holding rates steady.
• The BoE's decision marks its first move since Trump announced broad tariffs on April 2, a move that briefly shook markets and led the IMF to lower growth forecasts for major economies, including the UK..
• Immediate resistance is located at 1.3409(23.6%fib), any close above will push the pair towards 1.3497(Higher BB)
• Strong support is seen at 1.3217(38.2%fib) and break below could take the pair towards 1.3162(April 15th low).
Recommendation: Good to buy around 1.3310, with stop loss of 1.3230 and target price of 1.3410
